Tag Archives: options

March 11, 2026 · 7:31 pm

Boeing vs. Airbus: CEO compensation (2025)

This post is to compare the compensation of Airbus and Boeing CEOs, with the recently published information of 2025 fiscal year, to have a record of the evolution (1) and for quick reference in different conversations.

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 2025 compensation (financial statements here, PDF, 2.1 MB, page 50):

Airbus CEO Guillaume Faury 2025 compensation.

Faury had his base salary increased by 5% to 1.56M€ (which had been frozen in previous years and still at the level of 10 years ago). Variable pay increased by 62% to 2.74M€, post-employment benefit costs slightly decreased, share-based remuneration increased by 49% to 3.15M€ and social charges and other benefits slightly changed. Thus, the overall compensation at 10.12M€ increased 27% vs 2024 level (7.99M€) thanks mainly to the variable pay and share-based remuneration.

Boeing CEO, Robert Kelly Ortberg’s 2025 compensation (2026 proxy statement here, page 69):

Boeing’s CEO Robert Kelly Ortberg 2025 compensation.

Robert Kelly Ortberg had a base salary of 1.5M$ (up from 1.3M$ in 2023 for David Calhoun), received 17.5M$ in stocks and options based awards (9% up vs 2024), other 3.9M$ in non-equity incentive plan compensation and another 0.65M$ compensation item. The 2025 total compensation was 23.58M$, up from 2024 level but still below the 32.77M$ that Calhoun received in 2023.

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 pushed up the total remuneration for the CEO to about twice (x2.01) the one in Airbus.

(1) See the previous comparisons for the years 2013, 2014, 2015, 2016, 2017 and 2024.

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March 26, 2014 · 8:00 am

Getting married seen as a call option (finance)

I am currently following in Coursera the course on “Financial Markets” given by professor Robert Shiller. When the course finishes I may write about the experience and main takeaways from the course. Today, I only wanted to share an anecdote from last week’s lectures on futures markets and options.

At some point of the lecture the explanation from the professor went on as follows: 

[options] They occur naturally in life. I remember Avinash Dixit was writing about options and he said “when you’re dating someone and you know the person will marry you. You have an option which you can exercise at anytime by agreeing to marry.” Now, one of theorems in option theories is you usually don’t want to exercise a call option early. And so Dixit would say, well, maybe that that’s why a lot of people have trouble getting married. [LAUGH] You know why, they don’t want to exercise their option early. 

What we’ll see is that options have option value. They give you a choice, and so there’s something there. When you exercise an option, that means when you actually buy the thing (or in the case of a put, sell the thing), then you’re losing the  choice. So you’ve given up something. Of course you also have to exercise eventually if things are going to, to make sense.

[text excerpt from Coursera]

The reason of sharing the anecdote is to point at the humor and the kind of connections that these minds (such as Dixit and Shiller) are able to make. If only for that, I would recommend to always keep searching for such opportunities for continuous learning (be it from this type of courses, reading academic papers, books, interviews, etc.)

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