Early Briefing: What Executives Made
The shareholders who own the Washington region's big public companies didn't do very well last year, as most stocks swooned amid the downturn. But most of the men and women who run those companies did not suffer proportionately, according to regulatory filings, Tom Heath reports.
Malon Wilkus, chairman of American Capital, earned $11.9 million last year, down from $13.2 million the year before. But shares of the Bethesda private-equity firm dropped 90 percent last year, wracked by the financial crisis.
The executives at the area's two big defense firms, whose stocks also were hammered, appear to be among the highest paid business leaders in the region.
Lockheed Martin chief executive Robert J. Stevens earned $26.5 million in 2008, down from $30.9 million in 2007, according to filings. Bethesda-based Lockheed had a good year, earning $3.22 billion, and returning more to shareholders than almost all of its industrial peers, according to filings. But the downturn has trimmed Lockheed stock to around 60 percent of its 52-week high.
General Dynamics in 2008 paid chief executive Nicholas D. Chabraja $21.9 million, up from $18.6 million the year before. Falls Church-based General Dynamics earned $2.46 billion in 2008. But its stock, too, has been smacked, closing at $43.93 yesterday, more than 50 percent off its 52-week high last May.
Residential community developer AvalonBay Communities said it struck a deal to mortgage 14 of its communities for a total of $741.1 million. The Alexandria-based company intends to use the money to pay down its unsecured credit facility, retire unsecured debt securities and other maturing debt and as working capital.
Defense lawyers in the criminal trial of W.R. Grace claim that discredited testimony by a government witness and prosecutors' failure to turn over favorable evidence has "irreparably tainted" the prosecution. Defense lawyers asked U.S. District Judge Donald Molloy in Missoula, Mont., to throw out the testimony of Robert Locke, a former Grace executive and key prosecution witness who, the defendants claim, lied on the stand. They say government misconduct made it impossible for Grace and five former executives charged in the asbestos contamination of Libby, Mont., to get a fair trial.
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