ITT chief increases profits, gets raise
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- March
- 11
The top executive of Harrison-based ITT Corp. got a 30 percent raise for his work last year, as the company’s profits, sales and share price all rose, according to a regulatory filing today.
Steven R. Loranger made $13.77 million in salary, bonus, stock awards, options, bonuses and other compensation, the company said in the filing with the U.S. Securities and Exchange Commission. In 2006, he made $10.57 million.
Loranger 56, chairman, chief executive and president since 2004, took home $1.06 million in salary, compared with $983,846 in 2006.
He got a bonus of $2.25 million, an increase from the $1.73 million a year earlier. The bonus was approved last week.
The rest of his compensation broke down this way:
• He got $6.69 million in stock awards, up from $5.02 million. He also got $2.34 million in option awards, up from $1.19 million.
• The proxy said the value of his pension rose by $1.22 million, compared to $1.42 million in 2006.
• The company listed $211.96 million as “other compensation” for Loranger. In 2006, he got $220,325 in other compensation.
ITT, which makes night-vision goggles for the military, water pumps and other products, earned $742.1 million last year, compared with $581.1 million a year earlier. Revenues rose to $9 billion from $7.8 billion.
This entry was posted
on Tuesday, March 11th, 2008 at 3:54 pm by Allan Drury.
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