9% Hike For UTC’s Chenevert
By STEPHEN SINGER, AP Business Writer
HARTFORD, Conn. (AP) _ United Technologies Corp. gave its chief executive total compensation of $19.5 million in 2010, up 9 percent from the previous year.
The Hartford-based conglomerate paid CEO Louis Chenevert a salary of nearly $1.6 million, up about 11 percent from 2009 due to the company’s “favorable overall assessment of his performance.”
United Technologies also paid Chenevert a $4 million bonus and a performance-based cash bonus of $1.3 million.
The Associated Press executive compensation formula is designed to isolate the value the company’s board placed on the executive’s
total compensation package during the last fiscal year. It includes
salary, bonus, performance-related bonuses, perks, above-market
returns on deferred compensation and the estimated value of stock
options and awards granted during the year.
(Copyright 2011 by The Associated Press. All Rights Reserved.)