By Doug Cameron
Lockheed Martin Corp. Chief Executive Marillyn Hewson saw her
total compensation more than double last year to $25.2 million as
she completed her first 12 months in charge of the world's largest
defense contractor by revenue.
The company said in its annual proxy filing Friday it had
exceeded three of the four financial targets used to determine
executive incentives, and achieved its sales goal.
Ms. Hewson's total compensation climbed to $25.2 million from
$11.4 million in 2012, when she was elevated to chief operating
officer before her surprise promotion to CEO following the
resignation of the planned successor to then-CEO and chairman
Robert Stevens. Ms. Hewson added the chairmanship at the start of
2014.
Almost $7.5 million in additional stock awards, together with
higher pension and incentive payments, drove Ms. Hewson's
compensation higher. Her base salary rose to $1.37 million from
almost $740,000 a year earlier, and is set to rise another 10.6% in
2014.
Boeing Co. on Friday said total compensation for CEO Jim
McNerney fell almost 10% from a year earlier to $23.3 million
million from $27.5 million, excluding stock option exercises, as a
$6.4 million decline in pension value outweighing a $2.1 million
rise in a long-term performance award. His basic pay remained
stable at $1.93 million, while stock and option awards were also in
line with 2012.
In the latest proxy filing, Boeing said Mr. McNerney's "actual
compensation realized," or take-home pay, for 2013 was $39.2
million, up from $20.1 million a year earlier. This figure includes
exercised options and vested stock awards, but excludes changes in
pension value and perks.
Write to Doug Cameron at doug.cameron@wsj.com
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