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Northrop CEO’s Pay Almost Doubled in ’02

From Bloomberg News

Northrop Grumman Corp., the third-largest U.S. defense contractor, almost doubled Chief Executive Kent Kresa’s pay to $9.23 million last year, when he completed the acquisition of satellite-parts maker TRW Inc.

Kresa received salary of $1.37 million, a $5-million bonus, a $2.78-million long-term incentive payout and $87,463 of other compensation, Northrop said in a regulatory filing.

He also got options on 125,000 Northrop shares with a potential value of $22.9 million if the share price rises at least 10% a year up to Aug. 20, 2012.

His compensation totaled $4.77 million in 2001.

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Kresa will retire as Northrop’s chief executive March 31 and remain chairman until Oct. 1.

Century City-based Northrop bought TRW last year for $12.5 billion and sold TRW’s automotive unit to Blackstone Group for $4.7 billion.

Northrop shares fell 66 cents to $83.77 on the NYSE.


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