Salaries and bonuses rose substantially in 2010 for three of United Technologies Corp.'s six highest-paid executives, even as the company closed plants and laid off workers in its home state, The Journal Inquirer reports.
At the top of the roster, UTC President and Chief Executive Officer Louis Chenevert received $5.59 million in combined bonuses and salary in 2010, up 78 percent from $3.13 million in 2009.
His 2010 base salary of $1.59 million was an increase of 10.8 percent over his 2009 salary of $1.43 million. Chenevert's bonus for the past year was $4 million, or a whopping 135.3 percent more than his 2009 bonus of $1.7 million.
When other compensation including stock options - as reported under Securities and Exchange Commission regulations - is added to the salary and bonus, Chenevert received compensation in 2010 worth $22.09 million. That was up 7.7 percent from 2009 when the total worth of Chenevert's compensation package was valued at $20.5 million.