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Boeing CEO’s retirement package soars to $59 million

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Posted at 3:27 PM, Jun 26, 2015
and last updated 2015-06-26 15:28:37-04
NEW YORK (CNNMoney) — If you’re going to build jet planes, it’s nice to have a really good parachute. Boeing CEO James McNearney sure does.

He retires as CEO of Boeing on July 1 and is in line to start receiving $3.9 million a year in pension payments for the next 15 years.

McNearney, 65, announced his retirement plans this week. Company filings show that he can get the 15 years of pension payments, worth $58.7 million, over that period of time. Or he can take lump-sum payments from three different pension funds that were worth $46.6 million at the end of last year.

McNearney will remains chairman of the company through February. He will be paid at an annual salary of $1.5 million and bonus of $2.25 million in his new role. His total compensation for 2014 came to $28.9 million.

McNearney started at Boeing in 2005, when he was named CEO. Boeing stock has nearly tripled in value during that time. He is credited with the decision to build a new version of its 737 jet, still its best-selling commercial jet, and to bringing the innovative fuel efficient 787 Dreamliner to market after years of delays.

He also helped the company weather a problem with overheating batteries on the Dreamliner which grounded the fleet of planes worldwide for four months.