PROVIDENCE – Scott C. Donnelly, president and CEO of Textron Inc., made $14.8 million in 2017, representing a 17 percent increase from the previous year.
The 56-year-old executive, who also serves as chairman of the global manufacturer based in Providence, earned a base salary of $1.2 million. But like most top executives at big public companies, Donnelly’s total compensation is largely tied up in stock and option awards, incentive packages and deferred pay such as retirement benefits.
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The next four highest-paid Textron executives earned a combined $10.9 million last year, according to documents filed this week with the U.S. Securities and Exchange Commission.
The largest portion of Donnelly’s pay, stock awards, grew nearly $600,000 to $6.7 million in 2017. His option awards likewise grew 23 percent, totaling $3 million. The CEO’s nonequity incentive plan grew 33 percent to $2.2 million. He earned $1.7 million in pension and other deferred compensation.
Donnelly’s 2016 pay totaled $12.7 million.
Serving as CEO of the company since 2009, Donnelly’s pay is tied to company performance, essentially meaning he does better when the company and its shareholders do well.
The company reported 2017 net income totaled $307 million, representing a 68 percent decline from the previous year. Some of the decline stemmed from a one-time $266 million tax expense resulting from the federal tax overhaul.
Textron revenue grew 3 percent to $14.2 billion during the same period.
Company shareholders will be given an opportunity to vote on Textron’s executive pay structure during its annual shareholder meeting scheduled for 11 a.m. April 25 at the company’s offices in Providence.
The next four highest-paid Textron executives in 2017:
- Frank T. Conner: $5.5 million (executive vice president and chief financial officer)
- E. Robert Lupone: $2.7 million (executive vice president, general counsel and secretary)
- Julie G. Duffy: $1.4 million (executive vice president, human resources)
- Cheryl H. Johnson: $1.3 million (former executive vice president, human resources)
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
