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Lockheed Martin raises compensation of CEO-elect

Published on Nov 28, 2012 9:01 AM

NEW YORK (REUTERS) - Defense contractor Lockheed Martin Corp said Ms Marillyn Hewson, set to become chief executive on Jan 1, would receive an annual base salary of US$1.38 million (S$1.69 million) and a target bonus percentage of 175 per cent in 2013.

Ms Hewson, who became president and chief operating officer earlier this month, will receive an annual base salary of US$1.1 million this year, up from US$700,000, the company said in a regulatory filing.

The company said Ms Hewson would receive a target bonus percentage of 125 percent in 2012, up from 90 percent.

Ms Hewson was selected for the top position after Lockheed Martin fired its incoming Chief Executive Christopher Kubasik, who admitted to an improper relationship with a subordinate.

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