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 progra.
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.