February 28, 2011 | last updated May 31, 2012 4:04 pm

UTC execs' 2010 pay rises sharply

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.

The company links executive compensation to UTC's overall financial performance for the year, which in 2010 included a 14 percent increase in the net earnings, UTC spokesman John Moran stressed Friday. Over the past 10 years, UTC's shareholder return on its stock has risen 140 percent Moran said.

In comparison, the Dow Jones rose 36 percent during the same period.

But total sales from all UTC subsidiaries combined rose only 4 percent in 2010. The company bolstered its bottom line in part through job cuts and plant closings.

UTC's Pratt & Whitney subsidiary, in particular, trimmed nearly 1,000 jobs, mostly by closing its engine services plant in Cheshire and a smaller Connecticut Airfoils Repair Operation in East Hartford, adjacent to its headquarters.


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