Phebe Novakovic's compensation nearly tripled in 2013, her first full year as CEO of aerospace and defense giant General Dynamics.
Novakovic's compensation jumped to $18.8 million from about $6.4 million in 2012, before she was promoted from Chief Operating Officer. The compensation package made Novakovic, 52, one of the highest-paid women CEOs in Corporate America in 2013.
Among companies to disclose 2013 pay so far this year, Novakovic's compensation exceeds the $15.7 million of Marillyn Hewson, named CEO of rival defense contractor Lockheed Martin last year. Novakovic also pulled in more than DuPont's E.J. Kullman, ($13.3 million); IBM's Virginia Rometty, ($13.9 million); and Hewlett-Packard's Meg Whitman, whose compensation was valued at $17.6 million.
General Dynamics said it exceeded earnings and free cash flow targets, which accounted for 70% of Novakovic's performance metrics. The company doubled Novakovi's annual bonus to $4 million and awarded stock and options valued at $12.9 million, vs. equity valued at about $3.4 million in 2012. Her salary jumped nearly 60% to $1.5 million. She also gained nearly $7.6 million from vested shares and exercising stock options, the company said in its annual proxy.
Novakovic is a former CIA operations officer and Defense Department deputy who joined General Dynamics as a strategic planning executive in 2002.
General Dynamics said total shareholder return was up 41% last year.