Northrop CEO’s Pay Almost Doubled in ’02
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.
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.