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Spirit AeroSystems Holdings, Inc. (NYSE:SPR) shares are trading lower premarket Tuesday after the company’s CEO, Patrick Shanahan, stated that they will receive a $28.5 million payout following the company’s merger with The Boeing Company (NYSE:BA).
The package includes a $2.3 million cash payment, $26.1 million in restricted stock units, and $45,000 in perks and benefits, as part of a “golden parachute” arrangement, reported Reuters.
Such payments are common in corporate America, designed to incentivize management to proceed with a sale, even at the cost of their own jobs.
Shanahan, a former Boeing executive, is a top candidate for Boeing’s CEO position, currently held by Kelly Ortberg.
Last week, Spirit AeroSystems recently missed Q2 adjusted EPS estimates by 90 cents; sales of $1.50 billion fell short of the $1.59 billion estimate.
Price Action: SPR shares are up 0.97% at $34.18 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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