If you're going to build jet planes, it's nice to have a really good parachute. Boeing CEO James McNerney 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.
McNerney, 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. His retirement funds were worth $46.6 million at the end of last year according to company filings.
McNerney will remains chairman of the company through February. He will be paid at an annual salary of $1.5 million and has a target bonus of $2.25 million in his new role. His total compensation for 2014 came to $28.9 million.
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McNerney started at Boeing in 2005, when he was named CEO. Most of his retirement funds were compensation for benefits he gave up when left General Electric (GE) to take the job at Boeing.
Boeing (BA) 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.
-- An earlier version of this article incorrectly stated that McNerney had the option to take his retirement benefits in a lump-sum. He must take them over 15 years. It also incorrectly spelled his name.
