Stock awards worth $7 million helped bump total compensation for C. Michael Petters, president and CEO of Huntington Ingalls Industries Inc., nearly 126 percent, from $5.7 million in 2010 to $12.9 million last year, of which he took home about $6.6 million, reports Robert McCabe in the Virginian-Pilot, citing the company’s proxy statement released last week.
According to the newspaper, total compensation packages for four of the shipbuilder’s top five executives rose by an average of 101 percent last year. The total pay packages include salary, performance-based bonuses and changes in pension value, among other things. They also include vested and unvested benefits, such as stock awards that aren’t payable for three years, so the total numbers do not reflect what the executives actually took home last year, the Virginian-Pilot quotes Beci Brenton, a Huntington Ingalls spokesperson, as saying.
April 9, 2011