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.