By BRIAN DOWLING, firstname.lastname@example.org
The Hartford Courant
7:14 PM EDT, March 14, 2014
United Technologies Corp. Chief Executive Officer Louis R. Chênevert took home $24.68 million last year, an increase of 26 percent from 2012, according to federal filings.
Chênevert, 56, received a 4.4 percent increase in base salary to $1.76 million.
His bonus decreased slightly to $3.4 million, his long-term incentive pay was $679,376, and other forms of direct compensation came in at $575,056, a category that includes personal use of corporate aircraft, payments for leased vehicles, insurance premiums, and retirement plan contributions.
Chênevert gained $10.7 million in value from exercised options and $7.6 million from stock awards that vested.
The Courant calculates compensation as the sum of salary, bonus, value exercised from stock options and vested stock awards, plus other forms of direct pay, such as incentive payments and personal use of corporate aircraft.
The Hartford-based company also awarded Chênevert stock awards and options now valued at $9.07 million. The ultimate value of the options will depend on how well the company's stock performs, and the stock awards only vest if certain financial performance targets are met.
From Jan. 1 to Dec. 31 last year, United Technologies' stock increased 41 percent, during which time the Dow Jones Industrial Average rose 28 percent. Revenue increased 8.5 percent for the year, and net income rose about 9.7 percent.
The details were contained in United Technologies' proxy statement filed with the U.S. Securities and Exchange Commission on Friday in advance of a shareholder meeting in late April, where votes will be conducted on the election of directors, the company's executive compensation packages, auditor approval and other proposals.
The filing also listed compensation for other key company executives:
—Gregory Hayes, chief financial officer, $20.02 million
—Geraud Darnis, chief executive of UTC Building & Industrial Systems, $13.63 million
—Alain Bellemare, chief executive of UTC Aerospace & Propulsion Systems, $6.29 million
—David Hess, former president of Pratt & Whitney who retired in January, $10.77 million.
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