David B. Grinberg
Federal Times reports:
As federal belt tightens, contractor CEOs enjoy million-dollar raises
- "On the same day in March that Lockheed Martin warned that the sequester could lead to thousands of employee furloughs and layoffs, the nation’s largest federal contractor disclosed that it had just boosted the compensation of its former CEO by more than $2 million."
"The disclosure shows how even with a looming sequester, budget standoffs and defense cutbacks, federal belt-tightening hasn’t yet hit the wallets of top executives for some of the nation’s biggest federal contractors."
"Likewise, at Boeing, the second biggest federal contractor in 2012, CEO James McNerney Jr. saw his base salary remain flat at $1.9 million. But with stock and option awards and boosts in pension and incentive earnings, his overall compensation rose from $22.9 million in 2011 to $27.5 million in 2012."
"...an investigator for the Project On Government Oversight, said the numbers aren’t surprising. Last year, he found CEO compensation for the top five federal contractors averaged $21.5 million during 2011."