Some local CEOs get 30 percent raises

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While pay increases have been creeping back into some industries, most Americans were still tightening their belts coming out of 2012. Not so for some of our area’s CEOs.

Six of the region’s top CEOs saw their pay packages jump more than 30 percent, with two of those gaining more than 100 percent for the year’s they turned in 2012. Many CEOs saw declines in pay in 2011, but boards of directors at some companies seemed willing to make it up to the bosses. There were also a few CEOs who saw declines in pay or slight increases.

GE’s Jeff Immelt, saw a bump of 80 percent from a year ago. The CEO of GE was rewarded after years of work that has moved the company away from its dependence on finance, though not too far away, and created an industrial technology company positioned in key transportation and infrastructure areas.

But Immelt, whose compensation package rose 80 percent from a year ago, didn’t see the largest jump in pay. That distinction in 2012 goes to Ethan Allen’s M. Farooq Kathwari.

Meanwhile, Louis Chenevert, UTC’s CEO, saw his salary remain virtually flat after orchestrating the massive merger with Goodrich. Still, Chenevert, whose company is the parent to Sikorsky and Pratt & Whitney, makes more than Immelt.

Check out how the state’s CEOs are doing so far as their companies report their compensation packages for their 2012 performance. The total value, as reported here, includes salary, bonus, options and other perks, which are disclosed in the annual proxy filings by the companies. Some companies have not yet reported, but we’ve included them with their 2011 pay.

Categories: GE, General, Wall Street
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Rob Varnon

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