Day: March 17, 2017

T. Rowe Price CEO Stromberg gets 7.5 percent rise in compensation

Screen Shot 2017-03-17 at 5.34.30 PMBALTIMORE, MD — The chief executive officer of money manager T. Rowe Price Group Inc. received a 7.5 percent increase in total compensation last year, according to a filing Friday with the Securities and Exchange Commission.

William Stromberg received $9.1 million in total compensation in 2016, up from $8.4 million in 2015.

Stromberg’s base salary remained the same at $350,000, but his stock awards rose to $1.8 million in 2016 from $807,923 in 2015.

Stromberg also received $6.85 million in nonequity incentive plan compensation in 2016, up from $6.6 million in 2015.

He has been with the company for 29 years. Stromberg served as the head of equity from 2009 to 2015 and the head of U.S. equity from 2006 to 2009.

He also served as a director of equity research from 1996 to 2006, as a portfolio manager of the Capital Opportunity Fund  from 2000 to 2007 and the Dividend Growth Fund 1992 to 2000, and as an equity investment analyst from 1987 to 1992.

Chief Financial Officer Kenneth Moreland also saw an increase in total compensation in 2016. He received $1.9 million last year, up from $1.8 million in 2015.

At the end of 2016, T. Rowe Price had more than $810 billion in assets under management and served clients in 45 countries.

T. Rowe Price fell $2.58, or 3.6 percent, to $69.36 on Friday.

The company’s annual meeting will be held April 26 at 10 a.m. at the company’s offices in Owings Mill, Maryland.

This is a story from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

Lockheed Martin CEO Hewson sees 3.7 percent compensation decline

Lockheed MartinBETHESDA, MD — The chief executive officer of Lockheed Martin Corp., the largest defense contractor, saw a 3.7 percent decline in total compensation in 2016, according to a filing Friday with the Securities and Exchange Commission.

Marillyn A. Hewson received $19.4 million in compensation last year, down from $20.2 million in compensation in 2015.

Hewson’s base salary was $1.63 million in 2016, up slightly from the $1.6 million salary she received in 2015. Her stock awards rose to $9.2 million in 2016 from $8.9 million in 2015.

She saw a decline in nonequity incentive plan compensation to $8.2 million in 2016 from $9.1 million in 2015.

Her base salary has been increased by 3 percent to $1.695 million for 2017.

Hewson has been with the company for 34 years. She previously was president and chief operating officer and executive vice president of Lockheed Martin’s Electronic Systems business area.

Chief Financial Officer Bruce L. Tanner also saw a slight decline in total compensation, earning $7.3 million in 2016, down from $7.5 million in 2015.

Bethesda, Maryland-based Lockheed Martin reported revenue of $47.2 billion in 2016,compared to $40.5 billion in 2015, an increase of 17 percent. Net income in 2016 was $3.8 billion, or $12.38 per share, compared to $3.1 billion, or $9.93 per share, in 2015.

Lockheed Martin’s shares rose $4.04, or 1.5 percent to $271.98 in Friday trading.

The company will hold its annual meeting on April 27 at 8 a.m. in Bethesda.

This story is from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

Emergent Biosolutions receives $100 million government contract

EmergentGAITHERSBURG, MD — Biotech company Emergent BioSolutions Inc. announced Friday that it has signed a two-year, $100 million contract with a government agency to produce an anthrax vaccine, according to a filing with the Securities and Exchange Commission.

The Biomedical Advanced Research and Development Authority, a division within the Office of the Assistant Secretary of Preparedness and Response,  is the government agency that has asked for delivery of BioThrax to be added to the strategic national stockpile .

This contract is separate from the Gaithersburg, Maryland-based company’s $911 million BioThrax procurement contract with the Centers for Disease Control and Prevention.

“Emergent is pleased to support BARDA in its efforts to enhance the nation’s preparedness against the threat of anthrax,” said Adam Havey, executive vice president and president biodefense division at Emergent BioSolutions, in a statement. “Emergent is committed to developing and manufacturing preparedness solutions that address our customers’ needs to protect against a broad spectrum of public health threats.”

The company also signed a modification to its Sept. 30, 2016, contract with the authority for NuThrax, the company’s next generation anthrax vaccine. The modification increases the number of doses of NuThrax to be delivered from 2 million to 3 million.

Emergent Biosolutions shares were trading at $30.48, down 41 cents, or 1.3 percent, in Friday morning trading.

This story is from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

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