Lockheed CEO Rakes In $24.4 million in '06

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Lockheed '06 CEO compensation at $24.4 million
STEPHEN MANNING
Associated Press

CHEVY CHASE, Md. - The chief executive of defense contractor Lockheed Martin Corp. received $24.4 million in compensation during 2006, a year in which the company benefited from continued strong military and government spending, according to a regulatory filing Friday.

Much of Robert J. Stevens' compensation came from the value of stock and options granted to him during the year. But the company proxy statement filed with the Securities and Exchange Commission shows he also took home a $3.7 million bonus, $3.6 million in incentive pay and perks that included more than $64,000 worth of home security services.

Lockheed has posted steady growth in recent years behind the federal government's growing demand for military equipment and services. In 2006, Lockheed earned $2.5 billion, or $5.80 per share on revenue of $39.6 billion. That was up from $1.8 billion, or $4.10 per share, in earnings on $37.2 billion in revenue during 2005. It's stock rose 45 percent in 2006.

"In 2006 we had very strong performance, which led to the payment of performance-based compensation in the higher or maximum ranges of potential payments," said Lockheed spokesman Tom Jurkowsky.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

Stevens' base salary was $1.47 million, a 17 percent increase from 2005 that Lockheed said was derived in part from a comparison to similar sized companies and others in the defense industry. His bonus rose 13 percent in 2006.

Perks included $27,000 worth of personal use of corporate jets and a $1 million donation Lockheed made to an unnamed charity on Stevens' behalf. The $64,483 in home security is largely because of his position as head of a large defense contractor and to safeguard any proprietary information he may have, Jurkowsky said.

Stevens was awarded $14.3 million in stock and option awards on Feb. 1, 2006. That included an award of $6.3 million that Lockheed said in the proxy statement was an incentive to retain him as chief executive.

report: http://www.ledger-enquirer.com/mld/ledgerenquirer/news/politics/16920437.htm


It was revealed last month that Bush's proposed war budget includes many high-cost weapons that won't reach any battlefield for years. There's a request for a dozen F/A-18 fighter jets; 22 new C-130J Hercules cargo planes; seven new V-22 Osprey transport aircraft; six copies of a new plane called the Growler; and $74 million for "design, development, integration, and testing" of an unmanned spy plane.


related:

March 13, 2007
Lockheed Martin to provide missile support under $135M contract
http://washington.bizjournals.com/washington/stories/2007/03/12/daily12.html

Friday, March 16, 2007
U.S. officials hopeful after missile shield tour
http://www.washingtonpost.com/wp-dyn/content/article/2007/03/16/AR2007031601223_pf.html

03/16/2007
Americans ready to give access to its anti-missile systems to Ukrainian and Russian military
http://www.regnum.ru/english/797650.html

March 16, 2007
Northrop Grumman to Highlight Missile Defense Integration Expertise
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=PZ&Date=20070316&ID=6624003

March 16, 2007
Missile Shield On Agenda As Merkel Visits Poland
http://www.rferl.org/featuresarticle/2007/03/bea695b6-536b-4784-9663-a39fd72d0529.html

Friday, March 16, 2007
Cost overruns still plague Lockheed Martin's F-35 joint strike fighter
http://staugustine.com/stories/031607/nation_4472262.shtml

March 14, 2007
Lockheed Martin Is Accelerating Higher
http://www.tradingmarkets.com/.site/news/STOCK%20ALERT/506532/

2007-03-15
Lockheed Martin receives $95m contract to extend service life of Norway's P-3 Orion Maritime Patrol Aircraft
http://www.epicos.com/epicos/portal/media-type/html/user/anon/page/default.psml/js_panename/News+Information+Article+View;jsessionid=187BB92719769D2E645625F0D6E0523C.tomcat2?articleid=74286&showfull=false

March 12, 2007
Lockheed Gets $21.1M Air Force Deal
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=AP&Date=20070312&ID=6596424

March 12, 2007
Lockheed Wins New $311 million Army Optical Order
http://www.washingtonpost.com/wp-dyn/content/article/2007/03/11/AR2007031101122_pf.html

Mar 7, 2007
Lockheed tops DoD contractor list in 2006, posts big gains
http://www.marketwatch.com/news/story/lockheed-tops-dod-contractor-list/story.aspx?guid=%7B0E51221B%2D79C6%2D42C1%2DB9E9%2D5BD2A94EB028%7D

[brentspeak]

1. War and the taxpayers have been good for CEO Stevens

When do the war profiteering hearings start, again?

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2. for Vance Coffman before him also

Mar 14, 2003

Chief Executive Vance Coffman gained $14.6 million from stock option exercises last year, according to the defense contractor's proxy filed Friday with regulators. Coffman's compensation package for the year amounted to $11.27 million, including a $1.5 million salary, $2.6 million bonus and a $3.7 million restricted stock option award. Also, the executive was awarded $3 million under the company's long term incentive payment plan, representing 50% of the value of a long-term incentive performance award for the period from 2000 through 2002. He received about $380,000 in "other compensation" that include use of the company aircraft, the filing said.
http://www.marketwatch.com/News/Story/Story.aspx?guid={F86D172B-1A09-4153-B28E-6D95B0F9A98D}&archive=pulsetrue&siteid=mktw&dateid=37694.4996990741-802989677&dist=ArchiveSplash&cbsReferrer=&returnURL=%2Fnews%2Fnewsfinder%2Fpulseone.asp%3Fdateid%3D37694.4996990741-802989677%26siteID%3Dmktw%26scid%3D0%26doctype%3D-1%26property%3D%26value%3D%26categories%3D%26archive%3Dpulsetrue


October 8, 2003

Vance Coffman received $4.1 million in salary and bonuses, plus more than $20 million in options grants; last year he made nearly 2,000 times the pay of an entry-level soldier.
http://www.commondreams.org/views03/1008-06.htm

[bridgit]

3. sure Cheney's daughter was a lobbyist & Lynn sat on the board...

it is a cyclical family war crime; the right proffers the death & chaos while the left hand tranfers the war profits

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4. A World Policy Institute review found 32 major Bush officials have ties to the arms industry

As befits the country’s largest defense contractor -- with Pentagon prime contracts worth a total of nearly $30 billion in FY 2000 and FY 2001 alone -- Lockheed Martin also has more connections to the Bush administration than any other U.S. weapons manufacturer. In all, eight current policymakers had direct or indirect ties to the firm before joining the administration. Officials with indirect connections to the company include Vice President Dick Cheney, whose wife Lynne Cheney served on the Lockheed Martin board from 1994 through January 2001, accumulating more than $500,000 in deferred director’s fees in the process; and Deputy National Security Advisor Stephen Hadley, who worked at Shea and Gardner, the powerhouse DC law firm that represents Lockheed Martin (along with numerous other corporate clients). Bush appointees with more direct links to the firm include Assistant Secretary of State for Latin American Affairs Otto Reich, who worked as a paid lobbyist for Lockheed Martin when the company was seeking a reversal of the U.S. ban on the sale of high tech weapons to Latin America; and Transportation Secretary Norman Mineta and Deputy Transportation Secretary Michael Jackson, both of whom served as Vice Presidents at Lockheed Martin prior to joining the administration.

The ex-Lockheed Martin employees with the most direct connections to nuclear and missile defense policy are former company Chief Operating Officer Peter B. Teets, who is now Under Secretary of the Air Force and Director of the National Reconnaissance Office (NRO), a post that includes making decisions on the acquisition of everything from reconnaissance satellites to space-based elements of missile defense; and Everet Beckner, who served as the chief executive of Lockheed Martin’s division that helped run the United Kingdom’s Atomic Weapons Establishment, and is now Deputy Administrator for Defense Programs at the Department of Energy’s National Nuclear Security Administration, charged with oversight of maintenance, development, and production of nuclear warheads. In their new positions, both Teets and Beckner will be well-positioned to make decisions on procurement and research programs that will directly or indirectly create major new business opportunities for their former employer, which has major portfolios in nuclear weapons, missile defense, and military space systems.

Northrop Grumman, which is now the nation’s third largest defense contractor as the result of its acquisitions of Newport News Shipbuilding and Litton defense, follows closely behind Lockheed Martin with seven former officials, consultants, or shareholders in the Bush administration. As a major contractor in the fields of defense electronics, precision strike systems, shipbuilding, and combat aircraft (prime contractor on the B-2 bomber, major subcontractor on the F-18E/F, and part of Lockheed Martin’s winning team in the Joint Strike Fighter competition), the company is well-positioned to benefit from increases in spending on either conventional or nuclear systems. Northrop Grumman’s most important interests in the fields of nuclear weapons and missile defense are long-range strike systems (UCAVs), the B-2 bomber, and a range of missile defense programs.

http://www.worldpolicy.org/projects/arms/reports/reportaboutface.html#III

[bridgit]

5. still disgusting, money & personal aggrandizement for death & chaos...

should be against the law