Northrop Grumman Corp., the world's largest shipbuilder, on Friday announced that Chief Executive Ronald Sugar will be paid $1.45 million in salary this year.
Sugar led Northrop to a solid year where the company's stock saw a 23 percent increase. The salary will be effective March 4 and marks a 6.2 percent pay increase for the head of the Los Angeles-based defense contractor.
In 2005, he received a bonus of $3.5 million, Northrop said in a regulatory filing.
Sugar joined Northrop following its 2001 acquisition of Litton Industries Inc., a defense and technology company. He previously served as Litton's president and chief operating officer. Prior to joining Litton, Sugar was president and chief operating officer of TRW Aerospace and Information Systems, which was acquired by Northrop in 2002.
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