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What’s It Pay to be CEO of General Dynamics? - cbl
By Citybizlist Staff
FALLS CHURCH, Va. -- According to the latest proxy statement from General Dynamics (NYSE: GD) 2009 was a pretty good year for Jay L. Johnson, who ascended to the post of president and chief executive officer last July.
The SEC filing shows Johnson received a salary of $1,126,250, a bonus of $2,510,000, stock awards of $2,906,525, option awards of $5,812,910, and miscellaneous compensation of $424,111. The total: $12,779,796.
Sure, outgoing chair Nicholas D. Chabraja (chairman since 1997) logged nearly double that, at $22,022,139. Most of the difference comes from "Other Compensation," which rings up at more than $12 million in consolation prizes for loss of the corporate jet, reimbursement for office support and administrative support, life insurance, and tax reimbursements. Then there's some $4 million in pension values (Johnson does not participate in the company plan).
But don't feel sorry for Johnson, 61, who served as Vice Chairman since 2008 and as a director since 2003. In 2009 the company shelled out $89,927 for Johnson's company jet; $96,500 for club memberships; $25,066 for home security systems; and $125,160 for relocation expenses (evidently not a U-Haul job).
Last month, as reported by GuruFocus, Johnson sold 4,605 shares of General Dynamics at an average price of $69.27 a share, for about $319,000.
The company itself had a fairly flat 2009.
General Dynamics (NYSE: GD) recently reported 2009 fourth-quarter earnings of $618 million, or $1.58 per diluted share, compared to 2008 fourth-quarter earnings of $630 million, or $1.62 per diluted share. Full-year 2009 earnings were $2.41 billion, or $6.20 per diluted share, compared to $2.48 billion and $6.22 per share, for 2008. Revenue was $7.9 billion in the fourth quarter and $32 billion for the full-year, an increase of 9.2 percent over full-year 2008.
Proxy filing: http://tinyurl.com/ycer5rl
Bio of Jay L. Johnson from Business Week
Jay L. Johnson has been the Chief Executive Officer and President of General Dynamics Corp. since July 1, 2009. Admiral. Johnson has been Chief Executive Officer and President of Dominion Telecom and Dominion Delivery since December 2002. He served as Chief Operating Officer and President of Dominion Virginia Power at Virginia Electric and Power Company since October 2007. Admiral. Johnson served as Chief Executive Officer of Dominion Virginia Power until June 1, 2008. ... He served as Executive Vice President of Dominion Resources, Inc. from December 2002 to June 1, 2008. He served as President and Chief Operating Officer, Delivery of Virginia Electric and Power Company, a subsidiary of Dominion Resources Inc., from February 2006 to September 2007. He served as President and Chief Executive Officer of Virginia Electric and Power Company from December 2002 to January 2006. He served as Chief Operating Officer of Virginia Electric and Power Company since February 2006. Admiral. Johnson served as the Chief of Naval Operations, US Navy, from 1996 to 2000. He served as a Senior Vice President of Dominion Energy Inc., from 2000 to 2002. Admiral. Johnson served as Senior Vice President of Business Excellence at Dominion Energy Inc. from September 2000 to December 2002 and a Member of the Joint Chiefs of Staff from 1996 to July 2000. He was responsible for the implementation of Six Sigma at Dominion Energy. He served as Vice Chairman of the Board of Directors of USAA. He served as Vice Chairman of General Dynamics Corp. from September 1, 2008 to June 2009. He has been Director of General Dynamics Corp. since May 7, 2003. He serves as a Member of the Board of Governors at Aerospace Industries Association. He served as a Director of American Gas Association. He served as a Director of USAA since 2000. He serves as a Director of the U.S. Naval Academy Foundation.
