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Originally published Saturday, March 15, 2008 at 12:00 AM

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Boeing CEO pay dropped to $19 million last year

Boeing Chief Executive Officer James McNerney's compensation for last year fell 7. 6 percent to $19 million, mainly because of a decline...

Boeing Chief Executive Officer James McNerney's compensation for last year fell 7.6 percent to $19 million, mainly because of a decline in the value of his stock awards.

McNerney, 58, received $20.6 million in compensation in 2006, the company said in a regulatory filing Friday.

Excluding the award of stock options that haven't yet vested, the company said his total for 2007 was $14.7 million.

McNerney's stock awards for 2007 were valued at $4.85 million, a decline from $8.71 million for the previous year, Boeing said in its filing.

Other elements of his 2007 compensation were $1.8 million in salary; $3.7 million in option awards; $4.3 million from a nonequity incentive plan; $3.6 million from the increased value of his pension plan; and $966,000 in other compensation.

Scott Carson, promoted to president of Boeing Commercial Airplanes in late 2006, received total compensation last year worth almost $4.6 million, including $702,000 in salary and a $966,000 cash bonus.

The president of Boeing's defense side, James Albaugh, had total compensation of nearly $4.5 million. His salary was $896,000 and he received a cash bonus of $1.5 million.

Earnings at Boeing, the world's second-largest commercial plane maker, beat analysts' estimates last year as Boeing delivered a record number of aircraft and airlines ordered more planes to meet rising travel demand. Boeing's stock price fell 1.6 percent in 2007, reversing gains earlier in the year, after delaying its new 787 Dreamliner aircraft in October.

The stock has dropped 13 percent this year. Boeing announced a second delay to the 787 project in January and may be forced to push deliveries back even further because of wiring problems.

The company this month lost a $40 billion U.S. Air Force aerial refueling tanker contract to a group of rivals including Airbus, the world's largest plane maker.

Boeing stock rose $2.05, or 2.8 percent, to $76.23 Friday. Morgan Stanley raised its recommendation on the stock to "overweight" from "equal-weight."

"It's time to buy," New York-based analyst Heidi Wood wrote in a note to clients Friday. "The stock is cheap," the brokerage added.

Seattle Times staff contributed to this report.

Copyright © 2008 The Seattle Times Company

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