Northrop pay vote proposal rejected
From Times Staff and Wire Reports
Shareholders of Northrop Grumman Corp. rejected a proposal to give investors a nonbinding vote on whether to ratify executive pay. The measure was supported by 37% of the votes cast at the company’s annual meeting in Redondo Beach.
Chief Executive Ronald Sugar received $21.7 million in pay last year, the most among leaders of the five largest U.S. defense companies. Century City-based Northrop’s shares rose 13% in 2006, far less than any of its rivals.
