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Northrop CEO's Bonus Doubled to $2.8 Million

April 14, 2001|Bloomberg News

Northrop Grumman Corp. Chief Executive Kent Kresa's bonus doubled last year to $2.8 million, a reward for slashing the defense contractor's debt and boosting earnings, the company said in a regulatory filing. Kresa's base salary was raised 7.8% to $1 million from $936,346, and he received $61,545 in other compensation, which included a car allowance and tax-preparation services. Kresa, 63, has been CEO of Northrop since 1989. Profit at the Los Angeles-based company rose 32% last year and debt was cut by more than $750 million. The company ended 2000 with $1.6 billion in net long-term debt.

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