Retiring Boeing CEO to get $3.9M-per-year pension

[Yo_Mama_Been_Loggin]

After stealing pensions from his employees McNerney will be well compensated.



Boeing CEO Jim McNerney will make $3.9 million a year for 15 years after he retires from the company next year.

The company revealed McNerney's pension payout in a Securities and Exchange Commission filing Friday. Boeing (NYSE: BA) announced Tuesday that Chief Operating Officer Dennis Muilenburg will take over as CEO and McNerney will stay on as chairman.

The news that McNerney will bring in $58.5 million in pension payments comes a year and a half after Boeing Machinists agreed, under duress, to a contract that phases out their monthly pensions. The vote came as Boeing threatened to locate 777X production in another — likely non-union —state.

The Machinists voted Jan. 3, 2014 to ratify the pension-less contract. As a result of the vote, instead of funding Machinists' defined-benefit pensions, Boeing contributes to their 401(k) retirement savings plans.

-more-

http://www.bizjournals.com/seattle/news/2015/06/26/retiring-boeing-ceo-to-get-3-9m-per-year-pension.html?ana=e_du_pub&s=article_du&ed=2015-06-26&u=ColXVN5SPzQtLHFP87ho2w07857290&t=1435358655

[antigop]

1. Hillary's good buddy?

http://www.washingtonpost.com/politics/for-hillary-clinton-and-boeing-a-beneficial-relationship/2014/04/13/21fe84ec-bc09-11e3-96ae-f2c36d2b1245_story.html

On a trip to Moscow early in her tenure as secretary of state, Hillary Rodham Clinton played the role of international saleswoman, pressing Russian government officials to sign a multibillion-dollar deal to buy dozens of aircraft from Boeing.

A month later, Clinton was in China, where she jubilantly announced that the aerospace giant would be writing a generous check to help resuscitate floundering U.S. efforts to host a pavilion at the upcoming World’s Fair.

Boeing, she said, “has just agreed to double its contribution to $2 million.”

Clinton did not point out that, to secure the donation, the State Department had set aside ethics guidelines that first prohibited solicitations of Boeing and then later permitted only a $1 million gift from the company. Boeing had been included on a list of firms to be avoided because of its frequent reliance on the government for help negotiating overseas business and concern that a donation could be seen as an attempt to curry favor with U.S. officials.

[scscholar]

2. Sucks that he is getting so much for being a failure

We get fired, while those Republicans get millions. And, it is sad to read this today of all days while the Republicans are celebrating with their Seafair.