Chris Raymond
BOEINGAbout Chris Raymond
D. Christopher Raymond serves as Executive Vice President and President & CEO of Boeing Global Services, a role he assumed in January 2024; he joined Boeing in 1986 and previously led sustainability and multiple Defense, Space & Security businesses. He is 60 years old as of the FY2024 10-K disclosure . 2024 highlights include achieving Boeing Global Services’ financial plan in revenue and operating earnings, conducting 435 safety and quality stand‑downs covering ~28,000 employees at 350+ locations, and improving on‑time delivery while expanding digital capabilities .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Boeing | EVP; President & CEO, Boeing Global Services | Jan 2024–present | Achieved revenue and operating earnings plan; executed safety/quality stand‑downs; improved on‑time delivery; expanded digital capabilities |
| Boeing | Senior VP & Chief Sustainability Officer | Oct 2020–Dec 2023 | Led Global Enterprise Sustainability; added climate and DEI metrics to annual incentive plan |
| Boeing | VP, Sustainability, Strategy & Corporate Development | Apr 2019–Oct 2020 | Enterprise strategy and sustainability integration |
| Boeing Defense, Space & Security | VP & GM, Autonomous Systems | Apr 2015–Jul 2018 | Led autonomous systems division within BDS |
| Boeing Defense, Space & Security | Various VP/GM roles | Prior years | Leadership across several BDS businesses |
External Roles
- No external public company board roles disclosed in Boeing’s 10-K and proxy filings reviewed .
Fixed Compensation
| Metric | 2024 |
|---|---|
| Base salary rate | $700,000 (set effective Jan 1, 2024) |
| Salary paid (GAAP SCT) | $694,352 |
| Annual incentive target | $700,000 |
| Annual incentive payout | $392,000 (BGS incentive score 56%; paid Feb 2025) |
Performance Compensation
Annual Incentive (2024)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| BGS incentive score | — (plan uses multiple metrics) | $700,000 | 56% business unit score; individual performance 100% | $392,000 | Cash; approved Feb 2025 |
Long‑Term Incentive Awards (granted 2024; performance period 2024–2026 unless noted)
| Award Type | Grant Date | Units/Target | Grant Date Fair Value | Performance Metrics | Vesting/Settlement |
|---|---|---|---|---|---|
| RSUs | Mar 11, 2024 | 4,724 | $911,425 | Time‑based; dividend equivalents accrue | Cliff vest on 3rd anniversary of grant (Mar 11, 2027), with retirement/layoff exceptions |
| PRSUs | Mar 11, 2024 | 2,887 target | $1,114,007 | Cumulative free cash flow (2024–2026) and two product safety milestones; 0–200% payout | Settle after performance period end; retirement/layoff exceptions |
Stock Vested in 2024
| Metric | Amount |
|---|---|
| Shares acquired on vesting | 3,758 |
| Value realized on vesting | $719,623 |
Equity Ownership & Alignment
| Ownership Measure | Value |
|---|---|
| Shares beneficially owned (Feb 24, 2025) | 28,537 |
| Stock units (deferred/plan units) | 32,342 |
| Ownership as % of shares outstanding | <1% for each NEO |
| Options (exercisable within 60 days) | 0 |
| Unvested RSUs (Dec 31, 2024) | 4,686 units; market value $829,422 (price $177) |
| Unearned PRSUs (Dec 31, 2024) | 2,887 units; market value $510,999 (price $177) |
| Additional unvested awards | RSUs: 4,166 ($737,382), 300 ($53,100), 6,640 ($1,175,280); Career Shares: 957 ($169,389) |
| Stock ownership guideline | EVP: 4x base salary (company policy) |
| Compliance status | Each NEO satisfied guideline as of Sep 30, 2024 |
| Hedging/pledging policy | Prohibited for executive officers and directors |
Employment Terms
Executive Layoff Benefit Plan and Policies
- Layoff benefit equals one year of base salary plus target annual incentive multiplied by applicable Company/business unit incentive score; no enhanced change‑in‑control benefits or tax gross‑ups .
- Clawback policy allows recovery of erroneously awarded incentive pay upon restatement and for misconduct including safety‑related violations; applies to awards under 2023 Incentive Stock Plan; separate forfeiture provisions apply for detrimental conduct .
Potential Payments upon Termination (as of Dec 31, 2024)
| Benefit Category | Layoff due to job elimination | Other Layoff | Qualifying Retirement | Long‑Term Disability | Death |
|---|---|---|---|---|---|
| Cash Severance | $1,092,000 | $0 | $0 | $0 | $0 |
| Annual Incentive | $0 | $392,000 | $392,000 | $392,000 | $392,000 |
| RSUs | $2,061,911 | $2,061,911 | $2,008,811 | $2,964,671 | $2,964,671 |
| PRSUs | $127,750 | $127,750 | $127,750 | $510,999 | $510,999 |
| Tax Preparation Services | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 |
| Outplacement/Transition Services | $47,453 | $47,453 | $47,453 | $0 | $0 |
Pension and Deferred Compensation
| Plan/Benefit | Years of Credited Service | Present Value/Balance | Notes |
|---|---|---|---|
| Pension Value Plan (qualified DB) | 29.33 | $1,005,504 | Accruals ceased end of 2015 |
| DB SERP (nonqualified DB) | 29.33 | $3,159,243 | Accruals ceased end of 2015 |
| DB SERP annuity (layoff/disability) | — | $225,884 per year / $3,338,905 PV | Eligible as of Dec 31, 2024 |
| DB SERP spouse death benefit | — | $226,227 per year / $2,942,859 PV | 100% surviving spouse annuity if retirement‑eligible |
| Executive Supplemental Savings Plan (Nonqualified DC) – 2024 contributions | — | Exec $150,859; Company $85,673; Earnings $(184,470) | |
| Executive Supplemental Savings Plan – Aggregate balance | — | $12,597,338 |
Performance & Track Record
- 2024 highlights: 435 safety/quality stand‑downs; 99% completion of product safety and quality training in Global Services; engagement with 130+ customers on competency‑based pilot training; improved on‑time delivery; increased digital capabilities; talent strategy deployment .
- External execution markers: Led sale of portions of Digital Aviation Solutions (Jeppesen, ForeFlight, AerData, OzRunways) to Thoma Bravo for $10.55B; committed to core digital capabilities for maintenance and diagnostics . Announced Virtual Airplane Procedures Trainer (VAPT) launch leveraging Microsoft technologies, emphasizing digital innovation in training . Public-facing leadership at Paris Air Show Services Market Outlook .
- CEO commentary: “Chris Raymond and his team are executing” with positive read‑through to Global Services .
Compensation Structure Analysis
- Shifted long‑term incentive mix: 2023 redesign eliminated stock options, moving to ~55% PRSUs and ~45% RSUs with three‑year cliff vesting and FCF performance; 2024 similar structure adds product safety modifier .
- Governance responses to investor feedback: Reduced upper limit on individual performance score multiplier from 200% to 120% starting with 2023 payouts .
- Ownership/holding rigor and risk controls: Significant ownership requirements; prohibition on hedging/pledging; robust clawback (including safety‑related recoupment) .
Equity Award Details and Vesting Pipeline
| Award | Grant Date | Units Outstanding (12/31/24) | Market Value ($177/sh) | Scheduled Vesting |
|---|---|---|---|---|
| RSUs (2024 LTI) | 3/11/2024 | 4,686 | $829,422 | 3/11/2027 (subject to exceptions) |
| PRSUs (2024 LTI target) | 3/11/2024 | 2,887 | $510,999 | After 2024–2026 period |
| RSUs (2022 grants) | 2/16/2022; 3/7/2022; 7/29/2022 | 4,166; 300; 6,640 | $737,382; $53,100; $1,175,280 | 3‑year anniversary of each grant |
| Career Shares | 2/28/2005 | 957 | $169,389 | Per legacy plan terms |
Employment Terms and Policies
- No employment agreements or change‑in‑control arrangements; no accelerated vesting upon change‑in‑control per historical governance; current practice maintains plan‑based treatment without CIC enhancements .
- Perquisites limited; examples include tax preparation, financial management services, physical exams, concierge health; aircraft use governed and reviewed; historical reclassification of certain perquisites in prior years .
- Securities trading policy prohibits hedging, pledging, short sales, and monetization transactions for executive officers and directors .
Investment Implications
- Alignment: Large nonqualified deferred comp balance and meaningful unvested RSUs/PRSUs create long‑dated retention and performance alignment; ownership guidelines met; hedging/pledging prohibited, reducing misalignment risk .
- Near‑term vesting pipeline: Multiple RSU tranches vesting in 2025–2027 and PRSU performance settlement post‑2026 could create episodic share distributions; monitor for FCF performance and product safety outcomes that drive PRSU payouts .
- Incentive design supports safety and cash generation: Annual incentive incorporates operational safety metrics and business unit performance; long‑term PRSUs tied to cumulative free cash flow and product safety milestones—a favorable structure for cash discipline and risk mitigation .
- Severance framework: Executive Layoff Benefit Plan yields moderate cash severance; significant equity continuation or acceleration only under disability/death; no CIC gross‑ups or special arrangements—limited downside for shareholders in event of leadership changes .
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