Boeing Co, the No 2 jetliner maker and No 2 Pentagon contractor, on Friday said Chief Executive Harry Stonecipher, who took office last December, is earning $1.5 million in annual base salary.
For the full year 2003 Stonecipher was paid $1.1 million, including retirement benefits paid before he took control of the company from Phil Condit, who resigned last December under pressure from ethics scandals.
In a securities filing, Boeing said Condit took home $2.2 million in pay and bonuses in 2003, plus $1.1 million in additional compensation.
Condit's $3.3 million total was down 15 percent from 2002, when he pocketed a total of $3.9 million.
Boeing's $698 million profit in 2003 marked its worst performance since posting a net loss in 1997, and a 70 percent decline from 2002, when it earned $2.3 billion.
The Chicago-based company has struggled amid weak demand for air travel, which has slashed aircraft sales to airlines and reduced jetliner deliveries from 527 in 2001 to a seven-year low of 281 in 2003.