By JIM McELHATTON |
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.
Former Lockheed CEO Robert Stevens, who retired as CEO on Jan. 1 but remains chairman, saw his overall compensation rise from $23.4 million in 2011 to $27.5 million in 2012, according to Securities and Exchange Commission (SEC) forms.
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.
“I don’t think you’re going to start seeing that until companies’ numbers are going flat and negative,” said Paul Dorf, managing director of Compensation Resources Inc. Continue reading “As federal belts tighten, contractor CEOs enjoy million-dollar raises”