Tag Archives: compensation

January 7, 2026 · 10:46 pm

Boeing vs. Airbus: CEO compensation (2024)

For some years of the past decade (2013 to 2017), I wrote a small series of yearly posts comparing the compensation of Airbus and Boeing CEOs (1). This series started out of conversation with colleagues and I kept it updated to have a record of the evolution and for quick reference in other conversations. I then stopped the series. This post is just an update with the information for the 2024 fiscal year.

Many things happened in the industry in those 7 years (2017 to 2024), but if we focus just on the CEOs from both companies: Tom Enders was replaced by Guillaume Faury at the helm of Airbus; at Boeing, Dennis Muilenburg was replaced by David Calhoun who then left the place for Robert Kelly Ortberg.

As both Boeing and Airbus are public companies, the information about their CEOs compensation is public and can be found in the annual report and proxy statement from each one. I just share the information and sources below for comparison and future reference.

Airbus CEO, Guillaume Faury’s 2024 compensation (financial statements here, PDF, 2.7 MB, page 59):

Airbus CEO Guillaume Faury 2024 compensation.

Faury had his base salary frozen in relation to 2024 at 1.485M€  (which is lower than Enders’ one at 1.5 M€ in 2017). Variable pay decreased in 13% to 1.69M€, post-employment benefit costs increased, as did share-based remuneration and social charges. In comparison to 2017, the main changes are that there are no “Termination benefits” in 2024 while in 2017 Enders had announced his departure in 2019, thus the concept included 2.9M€ and the exponential increase of social charges: 1.5M€ in 2024 vs 12k€ in 2017. Thus, the overall compensation at 7.99M€ increased vs 2023 but is below 2017 level (9.1 M€).

Boeing CEO, Robert Kelly Ortberg’s 2024 compensation (2025 proxy statement here, page 71):

Boeing’s CEO Robert Kelly Ortberg 2024 compensation.

Robert Kelly Ortberg had a base salary of 0.5M$, one bonus of 1.25M$ and 16M$ in stock based awards. The 2024 total compensation was 18.39M$, very similar to 2017 levels, but…

In the table you can also find the compensation for David Calhoun, and this is because Ortberg took over as CEO only in August of 2024. I will therefore add for comparison purposes the same table for Boeing 2023 fiscal year (2024 proxy here, page 72) when only Calhoun served as CEO.

Boeing’s CEO David Calhoun 2023 compensation.

David Calhoun had a base salary of 1.4M$, 30M$ in stock based awards and another 1.1M$ component. The 2023 total compensation was 32.77M$, 77% higher than 2017 levels, or +14M$.

Comparison. It is interesting to note that while the base salary is nearly the same in both companies, ~ 1.5 m€, the much higher stock based incentive schemes at Boeing push up the total remuneration for the CEO to about four times (x4.1) the one in Airbus.

(1) See the previous comparisons for the years 2013, 2014, 2015, 2016 and 2017.

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June 12, 2018 · 8:00 am

Boeing vs. Airbus: CEO compensation (2017)

For the last 4 years I have been writting a small series of posts comparing the compensation of Airbus and Boeing CEOs (1). This series started out of conversation with colleagues and I keep it updated to have a record of the evolution and for quick reference in other conversations (2). Thus, this post is just the update with the information for the 2017 fiscal year.

As both Boeing and Airbus are public companies, the information about their CEOs compensation is public and can be found in the annual report and proxy statement from each one. I just share the information and sources below for comparison and future reference.

Airbus CEO, Tom Enders’ 2017 compensation (financial statements here, PDF, 4.0 MB, page 58):

Enders_2017

Airbus CEO Tom Enders 2017 compensation.

Enders saw his base salary frozen in relation to 2016 at 1.5 M€. Variable pay decreased in 7.3%, post-employment benefit costs increased, etc. The main change in last year’s remuneration was the line “Termination benefits”, which in the notes it is explaiend as stipulated in 1.5 times the “Total Target Remuneration (defined as Base Salary and target Annual Variable Remuneration)”, as Enders announced that he will retire from the post when his current term expires in 2019. Thus, the overall compensation (9.1 M€) increased.

Boeing CEO, Dennis Muilenburg’s 2017 compensation (2018 proxy statement here, PDF, 6.7 MB, page 30):

muilenburg_2017.png

Boeing’s CEO Dennis Muilenburg 2017 compensation.

Dennis Muilenburg saw his base salary increased in 50 k$. And with that all other incentive and other compensation concepts. The total compensation (18.45 M$) increased in relation to 2016 and has now raised above the 2014 levels (17.8 M$).

Comparison. It is interesting to note that while the base salary is nearly the same, 1.5 m€ vs 1.69 m$ (more so taking into account average exchange rates in 2017 (~ 1.13 USD/EUR)), the incentive schemes at Boeing end up with a total remuneration for the CEO about the double (x1.8) of that in Airbus.

(1) See the previous comparisons for the years 2013, 2014, 2015 and 2016.

(2) From what I see in the stats of the visits to this blog, other people are having similar conversations as these posts with the compensation comparison have ranked among the top 10 most read ones the last years.

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July 3, 2017 · 8:00 am

Boeing vs. Airbus: CEO compensation (2016)

For the last 3 years I have been writting a small series of posts comparing the compensation of Airbus and Boeing CEOs (1). This series started out of conversation with colleagues and I keep it to have a record of the evolution and for quick reference in other conversations (2). Thus, this post is just the update with the information for the 2016 fiscal year.

As both Boeing and Airbus are public companies, the information about their CEOs compensation is public and can be found in the annual report and proxy statement from each one. I just share the information and sources below for comparison and future reference.

Airbus CEO, Tom Enders’ 2016 compensation (financial statements here, PDF, 1.0 MB, page 59):

Enders_2016

Airbus CEO Tom Enders 2016 compensation.

Enders saw its base salary increased in 100 k€ after 3 years at 1.4 M€. Variable pay also increased substancially, but share-based remmuneration decreased in a bigger amount. The overall compensation (6.25 M€) decreased, as it has been the case for the last 3 years.

Boeing CEO, Dennis Muilenburg’s 2016 compensation (proxy statement here, PDF, 4.2 MB, page 30):

Muilenburg_2016

Boeing’s CEO Dennis Muilenburg 2016 compensation.

Dennis Muilenburg saw its base salary increased in 50 k$, after a decrease of 330 k$ last year in the transition between McNerney and him. Incentive percentages were kept constant, has been the case in the last 4 years. The total compensation (15.18 M$) increased in relation to 2015 but it is still bellow the 2014 levels (17.8 M$).

Comparison. It is interesting to note that while the base salary is nearly the same, 1.5 m€ vs 1.65 m$ (more so taking into account average exchange rates in 2016 (~ 0.90 EUR/USD)), the incentive schemes at Boeing end up with a total remuneration for the CEO about the double (x2.2) of that in Airbus.

(1) See the previous comparisons for the years 2013, 2014 and 2015.

(2) From what I see in the stats of the visits to this blog, other people are having similar conversations as these posts with the compensation comparison have ranked among the top 10 most read ones the last years.

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September 18, 2016 · 8:00 am

Boeing vs. Airbus: CEO compensation (2015)

Last year, I wrote a couple of post titled “Boeing vs. Airbus: CEO compensation (2014)” (and 2013) in which I compared the compensation of both CEOs. Yesterday, I saw that those posts received a larger than usual amount of visits which reminded me that now, at the end of the year 2016, we can find the same information for the 2015 fiscal year. Thus, this follow on post.

As both Boeing and Airbus are public companies, the information about their CEOs compensation is public and can be found in the annual report and proxy statement from each one. I will just copy the information below for comparison and future reference.

Airbus Group CEO, Tom Enders’ 2015 compensation (financial statements here, PDF, 1.7 MB, page 58).

Airbus Group’s Tom Enders 2015 compensation.

Airbus Group’s Tom Enders 2015 compensation.

In the case of Boeing, 2015 was particular in the sense that Jim McNerney was the CEO for the first half of the year and since July 1st the position is held by Dennis A. Muilenburg. Find in the table below the figures for both (proxy statement here, PDF, 3.7 MB, page 30):

Boeing’s Jim McNerney and Dennis Muilenburg 2015 compensation.

Boeing’s Jim McNerney and Dennis Muilenburg 2015 compensation.

It is interesting to note that while the base salary is nearly the same (1.4 m€ vs 1.6 m$, which after taking into account current exchange rate is almost equivalent) the incentive schemes at Boeing end up with a total remuneration about the double of that in Airbus Group.

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November 23, 2015 · 8:00 am

Boeing vs. Airbus: CEO compensation (2014)

At the beginning of this year, I wrote a post titled “Boeing vs. Airbus: CEO compensation (2013)” in which I compared the compensation of both CEOs. Even if the post was published in 2015, as I wrote it at the beginning of the year the latest information available from both companies was the compensation of 2013.

A few days ago, I saw that this post received a larger than usual amount of visits which reminded me that now, at the end of the year 2015, we can find the same information for the 2014 fiscal year. Thus, this follow on post.

As both Boeing and Airbus are public companies, the information about their CEOs compensation is public and can be found in the annual report and proxy statement from each one. I will just copy the information below for comparison and future reference.

Airbus Group CEO, Tom Enders’ 2014 compensation (financial statements here, PDF, 4.2 MB).

Airbus Group’s Tom Enders 2014 compensation.

Airbus Group’s Tom Enders 2014 compensation.

Boeing CEO, Jim McNerney’s 2014 compensation (proxy statement here, PDF, 1.0MB)

Boeing’s Jim McNerney 2014 compensation.

Boeing’s Jim McNerney 2014 compensation.

Just as a reminder, from July 1st 2015, Dennis Muilenburg took over the position of Chief Executive Officer (he was at that moment the COO) from Jim McNerney.

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March 16, 2015 · 8:00 am

Boeing vs. Airbus: CEO compensation (2013)

Last Friday, while reading the Seattle Times article “Boeing CEO took home almost $29M last year” (referring to 2014) I was reminded of a recent conversation with some colleagues on the compensation of Boeing vs. Airbus Group CEOs.

As both companies are public companies, this information is public and can be found in the annual report and proxy statement from each one. I will just copy the information below for comparison and future reference. I use 2013 references to compare both at the same exercise, as 2014 annual report from Airbus Group is not yet available.

Airbus Group CEO, Tom Enders’ 2013 compensation (annual report here, PDF, 1.4MB)

Airbus Group's Tom Enders 2013 compensation.

Airbus Group’s Tom Enders 2013 compensation.

Boeing CEO, Jim McNerney’s 2013 compensation (proxy statement here, PDF, 1.1MB)

Boeing's Jim McNerney 2013 compensation.

Boeing’s Jim McNerney 2013 compensation.

Just as a complement, see in this article from The Washington Post “The pay gap between CEOs and workers is much worse than you realize“, based on a study by Harvard Business School, how the ratios of compensation between CEO and the average worker are in different countries, compared to what respondents to a poll said those ratios should ideally be.

 

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