Spirit AeroSystems CEO receives pay, incentive raise

Spirit AeroSystems’ board of directors has increased the compensation of Larry Lawson, the company’s CEO and president.

The board raised Lawson’s annual base salary from $1 million to $1.05 million.

In addition, Lawson will be entitled to receive an award under Spirit’s Long Term Incentive Plan for 2014 and 2015 with a value equal to 435 percent of his annual base salary.

That’s an increase from 400 percent.

The change was listed in a filing with the Securities and Exchange Commission on Monday.

On Thursday, Spirit, Wichita’s largest private employer, recorded a net loss of $587 million in the fourth quarter of 2013, in part because of additional charges on the Boeing 787 Dreamliner program.

That compares to a profit of $61 million for the same time a year ago.

Spirit took a total of $546 million in pretax charges during the fourth quarter on a variety of programs.

For the year, Spirit recorded a loss of $621 million, compared to a profit of $35 million in 2012. Revenue for 2013 increased 10 percent to $6 billion.

For 2014, Spirit is forecasting revenue of $6.5 billion to $6.7 billion, based on Boeing’s 2014 delivery guidance of 715 to 725 commercial airplanes. Airbus is expected to deliver similar levels.