01—Abstract
Summary
Summary of the 8-K filed July 1, 2021. Cited figures are marked; the original filing is the authoritative source.
Boeing announced a significant leadership change in its finance department, with Executive Vice President and CFO Gregory D.
Smith retiring effective July 9, 2021. Brian J. West has been elected as the new Executive Vice President and Chief Financial Officer, effective August 27, 2021.
In the interim, David A. Dohnalek, currently Senior Vice President and Treasurer, will serve as Interim CFO from July 9, 2021, until Mr. West's effective date. Mr. West brings extensive financial leadership experience from various prominent companies, including Refinitiv, Oscar Insurance Corporation, Nielsen Holdings plc, and GE Aviation.
His compensation package reflects his new role, including a substantial base salary, annual and long-term incentive awards, a sign-on bonus, restricted stock units (RSUs), and a premium-priced stock option, all designed to align his interests with the company's performance and shareholder value. This transition in financial leadership is a key event for investors to monitor as Boeing navigates its current operational and financial landscape.
02—Key points
Key Highlights
- Gregory D. Smith, EVP and CFO, is retiring effective July 9, 2021.
- Brian J. West appointed as the new EVP and CFO, effective August 27, 2021.
- David A. Dohnalek named Interim CFO from July 9, 2021, to August 27, 2021.
- Brian J. West has a strong financial background, including previous roles at Refinitiv, Nielsen, and GE Aviation.
- Mr. West's compensation includes a $1,000,000 base salary, significant annual and long-term incentive targets, a $750,000 sign-on bonus, $3,000,000 in RSUs, and a $3,000,000 stock option award.
- The stock option granted to Mr. West is premium-priced and vests over three years.
- David A. Dohnalek has served in various senior finance roles at Boeing since 2002.
03—Questions
Frequently Asked Questions
What is the primary reason for this 8-K filing?
This 8-K filing primarily announces the retirement of Boeing's Chief Financial Officer, Gregory D. Smith, and the subsequent appointment of Brian J. West as his successor, with an interim CFO named to bridge the transition.
Who is Brian J. West and what is his background?
Brian J. West is the newly appointed Executive Vice President and Chief Financial Officer. He has a comprehensive background in financial leadership, having previously served as CFO for Refinitiv, Oscar Insurance Corporation, and Nielsen Holdings plc, as well as holding senior financial positions at GE Aviation.
What is the compensation package for the new CFO, Brian J. West?
Brian J. West will receive an annual base salary of $1,000,000. He is eligible for an annual incentive award (target 110% of base salary) and a long-term incentive award (target 600% of base salary starting in 2022). Additionally, he receives a $750,000 sign-on bonus, $3,000,000 in restricted stock units (RSUs), and a $3,000,000 premium-priced stock option, all subject to specific vesting schedules.
Will there be a period without a permanent CFO in place?
No, there will be a brief transitional period. Gregory D. Smith retires on July 9, 2021, and David A. Dohnalek will serve as Interim CFO until Brian J. West officially takes over as CFO on August 27, 2021.
04—Continue