Raytheon CEO William H. Swanson received a slight salary bump in 2012 but his overall compensation grew by $1.4 million, the defense contractor disclosed in a Securities and Exchange Commission filing Friday.
Swanson received a base salary of $1.4 million for 2012, a small increase from 2011. But his overall compensation with incentive pay and stock holdings came to $16.4 million. That’s up from $15 million overall in 2011 and $14.8 million in 2010.
In explaining the compensation, the company noted in the SEC filing that Raytheon had “strong operational results” in 2012, including an increased backlog from $35.3 billion to $36.2 billion.
“Improved efficiencies and cost reduction initiatives were among the primary drivers of operating margin and earnings performance, while global demand for the Company’s innovative and cost-effective products and services resulted in strong bookings,” the company said.
Raytheon was the federal government’s third biggest contractor for 2012, behind only Boeing and Lockheed Martin. CEO’s for both companies during 2012 saw their compensation increase, too.
4 Comments
We couldn’t make these fat cats ultra richer if we didn’t bloat the Pentagon with borrowed cash from China and elsewhere, retirement accounts, Social Security, and sequestration.
Yeah, contractors are “so much more economical” than gov’t employees, NOT!!! Many gov’t Program Managers manage contracts/programs worth millions of dollars, yet the most a GS-15/Step 10 (highest GS level, top step, in Washington DC) can earn is $155,500 per year.
Glad to hear these big boys of business won’t need food stamps since uncle sugar is taking good care of them.
I am no fan of contractors but you can not possibly believe that a program manager GS-15 is comparable in work responsibility to a CEO of any company. Remember also that a private company can pay what they want, there is however a ceiling as to what Sam will reimburse.