Textron CEO made $12.7M in ’16

SCOTT C. DONNELLY, CEO of Textron, saw his compensation increase last year.  / COURTESY TEXTRON
SCOTT C. DONNELLY, CEO of Textron, saw his compensation increase last year. / COURTESY TEXTRON

PROVIDENCE – Textron Inc.’s president and CEO saw his compensation package grow 2.2 percent to $12.7 million last year, thanks largely to a change in pension value and other deferred compensation earnings.
The next three top paid executives earned a combined $8.9 million.
Scott C. Donnelly, 55, earned the largest portion of his pay through stock awards totaling $6 million, representing $300,000 less from the year prior. His base salary also declined, falling $4,654 to $1.1 million. Donnelly’s pension value and deferred compensation, however, grew to $1.3 million compared with $237,150 in 2015.
Donnelly, who became CEO in 2009, has his pay tied to company performance, meaning his financial success is tied to the company’s. The pay-for-performance strategy is common among large companies, and is designed to incentivize executives to do well by their respective companies.
Textron reported profit growing 38 percent to $962 million last year. Revenue grew 2.7 percent to $13.8 billion in 2016.
Shareholders will be given an opportunity to vote on the company’s executive compensation packages at the company’s annual meeting scheduled for 11 a.m. on April 26 at the company’s executive office in Providence.
The next three-highest paid executives at Textron include:

  • Frank T. Connor: $4.7 million (executive vice president and chief financial officer)
  • E. Robert Lupone: $2.4 million (executive vice president, general counsel and secretary)
  • Cheryl H. Johnson: $1.8 million (executive vice president, human resources)

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