Projo Biz Blog

Scott C. Donnelly, recently promoted to president of Providence-based Textron, also had his base salary increased from $850,000 to $935,000 a year, according to a federal regulatory filing.

He will also receive a one-time grant of cash-settled restricted stock valued at $1 million which will vest in equal installments over the next three years and will receive dividend equivalent payments on a quarterly basis prior to vesting.

Donnelly, 46, will continue in his role as chief operating officer, which he has held since he joined Textron last June. Previously, he had worked for two decades at General Electric.

His promotion to president means Lewis B. Campbell will give up that title, but retain the jobs of chairman and chief executive officer.

 Tags  Lewis Campbell Scott C. Donnelly Textron

Comments

Chris said:

Well that's just great. Congratulations Scott. I hope you're good enough to thank the employees that are losing their jobs to cover your raise.

Link | January 30, 2009 9:39 AM
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