Babcock & Wilcox Enterprises Inc.’s former chief executive officer saw a 14 percent increase in total compensation in the company’s 2017 fiscal year due to a large bonus, despite the company experiencing major struggles.

Jim Ferland’s total compensation for the fiscal year totaled $6.5 million, up from $5.7 million in the company’s 2016 fiscal year. Ferland received a bonus of $1.9 million after not receiving any bonus compensation in the 2016 fiscal year.

Babcock & Wilcox stated that the bonus was a cash award resulting from a long-term payment agreement made between Ferland and the company in November 2015. The agreement was intended to retain Ferland’s services as CEO through a restructuring process that saw the company spin off its power generating business from its government and nuclear operations business into two separate, publicly traded companies.

Ferland’s salary for fiscal year 2017 was $978,821, nearly identical to his fiscal year 2016 salary of $978,500. He saw a decrease in stock award compensation of 12 percent compared to the 2016 fiscal year. He also received no compensation from option awards after gaining $758,464 in that area in fiscal year 2016.

Babcock & Wilcox announced the departure of Ferland as CEO in February, and he stepped down from the board of directors in March. Leslie Kass, who has been with the company since 2013, was appointed his replacement as CEO, along with being elected to the board.

Ferland will remain with the company as a “strategic advisor” until June 30.

Kass’ initial compensation plan as the new CEO for fiscal year 2018 will give her $750,000 in salary. Her target bonus amount, which is decided based on performance objectives set by the company, is 100 percent of Kass’ base salary, meaning she could earn up to $750,000 in bonus compensation. Kass also will receive long-term equity awards with a total value of $1.5 million.

The company said it anticipates increasing Kass’ compensation plan in the future as she becomes more tenured in her role.

The executive shake-up results from Babcock & Wilcox, a producer of power generation and environmental equipment for industrial markets, facing major challenges in the last year.

In March, the company reported a net loss of $379 million for the year, or a loss per share of $8.09. It also recently disclosed that it is under investigation by the Securities and Exchange Commission.

Babcock & Wilcox’s annual meeting will be in May. The company has not yet disclosed the specific date or start time of the meeting. It will be a virtual meeting of stockholders.

The company’s proxy statement filing with the SEC, which includes details on how to access the virtual meeting, can be found here.

Babcock & Wilcox’s shares sat at $4.45 near close Wednesday, up nearly 1 percent from the day’s opening.