Jim Albaugh, 62, will retire from Boeing on 1 October with a package of compensation, stock and benefits valued at $57.4 million in Boeing's 2011 proxy statement to shareholders.
The majority of Albaugh's retirement wealth comes from a $25.4 million account with voluntarily deferred compensation. Boeing's senior executive retirement plan also will pay Albaugh a monthly annuity, which has an estimated value of $10.1 million. As of 31 December, Albaugh also was awarded restricted stock units in three tranches worth a combined total of $8.1 million, although each tranche vests in one-year intervals with the unvested amount pro rated to Albaugh's retirement date.
Boeing replaced Albaugh as president and chief executive of Boeing Commercial Airplanes (BCA) on 26 June with former chief salesman Ray Conner, saying Albaugh had decided to retire after 1 October after accomplishing his primary goals in the first three years of his tenure. Albaugh will continue to serve as executive vice president of BCA until his retirement date.
The majority of Albaugh's retirement wealth comes from a $25.4 million account with voluntarily deferred compensation. Boeing's senior executive retirement plan also will pay Albaugh a monthly annuity, which has an estimated value of $10.1 million. As of 31 December, Albaugh also was awarded restricted stock units in three tranches worth a combined total of $8.1 million, although each tranche vests in one-year intervals with the unvested amount pro rated to Albaugh's retirement date.
Boeing replaced Albaugh as president and chief executive of Boeing Commercial Airplanes (BCA) on 26 June with former chief salesman Ray Conner, saying Albaugh had decided to retire after 1 October after accomplishing his primary goals in the first three years of his tenure. Albaugh will continue to serve as executive vice president of BCA until his retirement date.
| Account | Value ($M) |
|---|---|
| Career shares | 1.84 |
| Restricted stock units | 8.51 |
| Matching deferred stock units | 1.81 |
| Pension Value Plan | 1.32 |
| Supplemental executive retirement plan | 10.1 |
| Deferred compensation plan | 25.4 |
| Supplemental benefit plan | 1.52 |
| Special retention deferral | 0.36 |
| Service-based equity awards | 4.94 |
| Performance awards | 1.55 |
| Total | 57.35 |
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