Four current and former top officers of defense giant General Dynamics, parent of Groton submarine builder Electric Boat, have been approved to collect bonuses totaling more than $5.3 million for leading the company through a prosperous 2010, a regulatory filing shows.
The General Dynamics board on March 1 approved the biggest bonus payout to Chairman and CEO Jay L. Johnson, who will get $3.1 million, according to the filing with the federal Securities and Exchange Commission.
L. Hugh Redd, chief financial officer, and Gerard J. DeMuro, executive vice president in charge of information systems and technology, each get $950,000, the filing shows.
Charles M. Hall, who retired last May as executive vice president in charge of combat systems, gets a partial bonus of $325,000, the online filing shows.
General Dynamics in 2010 earned $2.62 billion, or $6.81 per share, on revenue of $32.47 billion. That compared with $2.39 billion, or $6.17 per share, on revenue of $31.98 billion in 2009.
As a result, it increased its quarterly dividend to 47 cents per share, a 12-percent increase from 42 cents paid out the previous quarter.
