Wed, Jul 05, 2006
Stock Bonuses Mean Over $5K Per Worker
"It was the best of times, it was the worst of times..." While
Charles Dickens never laid his eyes on an airplane, he could have
written such a phrase about the cyclical nature of the aviation
biz. After all, it was just over a year ago when things were
looking bleaker than bleak over at Boeing. In the wake of an Air
Force procurement scandal, the company was also dealing with the
fallout from the sudden resignation of CEO Harry Stonecipher. Sales
were lagging, too.
But, to cite another historic phrase... that was then, and this
is now. Business is booming for Boeing, management appears to have
stabilized, and the company's chief rival, Airbus, is seen as
floundering... and, the Associated Press reports that means a nice
summer bonus for thousands of workers at the aerospace company.
Under most workers' pay plans, every two years employees receive
a bonus of the company's stock goes up more than 3 percent a year
over that period. To say Boeing's stock beat that would be a gross
understatement... as the stock is up 24 percent over the past 12
months, building on a 29 percent increase the year before.
That works out to about a $5,400 pre-tax bonus per worker, which
they will receive in August.
While that sounds like a pretty good deal (it easily trumps
ANN's 'You're Getting Paid To Write About Airplanes, There's Yer
Bonus' Program -- Ed.), it doesn't come close to the package
Boeing's top executives are slated to receive.
For example... commercial airplane unit chief Alan Mulally
received stock bonuses this year worth more than $6.5 million.
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