Lockheed Martin Chief Executive Robert Stevens had total compensation valued at $25.4 million last year, up about 16 percent from the year before, as he got a higher bonus even as earnings declined against a tough backdrop for defense spending.
The company said in a Securities and Exchange Commission filing on Friday that its board concluded that Stevens, 60, was “instrumental in the company’s growth in a challenging environment.”
Stevens, who has been CEO of the world’s top defense contractor since 2004, got a bonus of $4.73 million, up from $4.1 million a year earlier. His salary was $1.8 million, unchanged from 2010. The filing noted that the CEO’s salary has been frozen since 2008, reflecting his view that he should set an example in the company’s efforts to rein in costs, Reuters reports.
Other components of Stevens’ pay included both stock and option awards each valued at about $3.75 million, non-equity incentive plan pay of $4.4 million and other compensation of $2.1 million.
Lockheed, developer of the F-35 Joint Strike Fighter and other military aircraft, had net earnings of $2.66 billion last year, down 8 percent from 2010, as revenue rose about 2 percent to $46.5 billion.
The company has forecast flat sales for this year as the industry copes with cuts in defense spending.