Friday, March 11, 2005

Boeing's Ex-CEO Loses 2005 Bonus

This time the retirement is going to be a little different...

Boeing Co. announced yesterday that ousted CEO, Harry C. Stonecipher, who was having an "improper relationship" with a company executive, will receive his $2.1 million bonus for 2004, but is ineligible for a prorated bonus for 2005. On top of that, he has been removed from the Boeing incentive pool and will lose all company benefits and perks, such as use of the company aircraft, a company car, and customary office space.

Ironically, Boeing shares have risen 44% in the past year, attributed in part to the leadership of Stonecipher.

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