Spirit AeroSystems Owes Ex-Chief $45 Million in Noncompete Spat

Spirit AeroSystems Inc. must pay former chief executive officer Larry Lawson about $45 million after a Kansas federal judge determined that Lawson’s involvement in an attempted takeover of an aerospace industry part maker didn’t violate his noncompete agreement.

Neither Lawson nor Elliott Management, the investment management firm that mounted a proxy fight for control of Arconic Inc., owned, controlled, or were connected with Arconic as defined in Lawson’s employment agreement with Spirit, Judge Eric F. Melgren of the U.S. District Court for the District of Kansas ruled Tuesday.

At the time Spirit repudiated Lawson’s contract, Elliott “was locked in a ...