Spirit AeroSystems Wins Reversal of $45 Million Award to Ex-CEO

Spirit AeroSystems Inc. on Monday convinced the Tenth Circuit to reverse a decision forcing it to pay about $45 million to former chief executive officer Larry Lawson, but the case will return to district court for further consideration.

Lawson’s consulting agreement with Spirit after stepping down as CEO prohibited him from obtaining an interest in entities that invest in companies engaged in Spirit’s line of business. Lawson violated this agreement when he contracted with a hedge fund that held an 11% stake in aircraft component manufacturer Arconic Inc., the US Court of Appeals for the Tenth Circuit held. ...