Boeing boosts CEO pay 15 percent

Boeing CEO Jim McNerney's compensation rose 15 percent last year to $21.1 million, as the company rewarded him for better-than-expected profits and faster airplane production.

McNerney's pay was disclosed in a regulatory filing Friday and analyzed by The Associated Press. It covered 2012, before problems emerged with Boeing's new 787 that have grounded the plane for two months and counting.

Other reasons cited by the company for the CEO's pay raise included more orders and deliveries of Boeing's 737 and 777, and cost-cutting efforts in Boeing's defense business.

McNerney's stock and option awards both rose 10 percent from 2011. His incentive-based cash bonus jumped 24 percent because Boeing's profits were higher in 2010 through 2012 than the target set by its directors.