Most UTC execs see pay hikes, but not Chenevert
HARTFORD, Conn.—For four of the five highest-paid executives at United Technologies Corp., salaries and bonuses spiked upward as the company completed its $18 billion acquisition of the Goodrich Corp., according to an article from the Journal Inquirer, a newspaper based in Manchester, Conn.
But Chairman and CEO Louis Chenevert’s total compensation package slipped by .18 percent, and his direct compensation, not including stock options and other benefits, fell by 19 percent, from $21 million in 2011 to $17 million in 2012, the article said.
The dips, one slight, the other marked, were an outcome of changes in the way UTC’s compensation committee decided to pay the CEO, according to a company spokesman cited in the article.
In comments accompanying the company’s annual proxy filing, the spokesman said that Chenevert’s incentive award now places him in the 50th percentile of the competitive peer group, while previously it had been tied to the 65th percentile of his corporate peers. The article note that the changes reflect a reassessment of his standing among leaders of companies similar to UTC, which is the parent company of UTC Climate, Controls and & Security.
In 2011, UTC Fire & Security was combined with Carrier Corp. to create UTC Climate, Controls & Security.