Newport News shipyard executive awarded shares worth $1 million

Posted to: Business Newport News
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By Jon W. Glass
The Virginian-Pilot
© January 18, 2008

Northrop Grumman Corp. awarded Mike Petters, head of its Newport News shipyard, 12,500 restricted shares of common stock, according to a filing with the Securities and Exchange Commission.

The stock rights – valued at $81.10 a share, or a little more than $1 million total – are part of a long-term incentive plan, and Petters will receive the stock in three years if he remains with the company. Petters now holds 87,392 shares of company stock, much of it restricted based on future performance, according to the SEC filing on Wednesday.

On Monday, the company announced a realignment of its shipbuilding business and named Petters, 48, a corporate vice president, to head up the sector, effective Jan. 28. The new Northrop Grumman Shipbuilding unit combines the Newport News yard with the defense giant’s Gulf Coast shipyards.

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Isn't that redicullous?

Submitted by Rose on Fri, 01/18/2008 at 11:35 pm.

The shipbuilding mechanics (workers that actually do the job) make what? Maybe $23 an hour tops? and as a bonus this guy gets $1 million? The worst part of all of this is that the money for the bonus comes from our tax dollars. Take a look in that yard and you'll see all the Navy ships that we're NG is overcharging us to repair or build. Couple that with over-runs and poor design or cutting corners. Of course the Gov't won't know because there is little or no Gov't in process over-site. In other words, the Gov't is getting ripped off and the fox is guarding the hen-house.