Air Capital Insider

Spirit AeroSystems expands board of directors

The appointment of a former Time Warner Cable executive as director at Spirit AeroSystems represents an expansion of the Wichita-based company’s board of directors.

That’s according to a filing the aircraft supplier made with the Securities and Exchange Commission on Wednesday afternoon.

Spirit announced Irene Esteve’s selection earlier this week, but did not disclose in the announcement that its board would be expanded.

In its SEC filing Wednesday, Spirit said its board approved an expansion from nine to 10 members with Esteve’s hiring.

Esteves was executive vice president and chief financial officer for Time Warner from May 2011 to May 2013. Prior to that, she held financial officer roles at XL Capital Group and Regions Financial Corp., a Birmingham, Ala.-based bank holding company with $122 billion in assets.

Esteves has a bachelor’s degree from the University of Michigan School of Business and a master’s in business from the Kellogg Graduate School of Management at Northwestern University.

The SEC filing said as part of the company’s board and committee retainer fees policy, she will receive $90,000 in stock of the company. Starting in July, she will receive an annual retainer fee of $195,000, at least $100,000 of which will be paid in stock. The filing said the remainder can be paid in cash or stock.