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C. Michael Petters served as the CEO of Huntington Ingalls Industries (HII) from March 2011 until February 2021. He graduated with a B.S. in Business Administration from the University of Florida and has nearly four decades of experience in the...

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C. Michael Petters

Ex-CEO of Huntington Ingalls Industries

Education

B.S. in Business Administration from the University of Florida.

Field of Expertise

Business & Management

Sector of Economy

Industrials

Born

February 12, 1964 - 61 years ago

CEO of Huntington Ingalls Industries for

9 years 10 months (Mar 2011 - Feb 2021)

Previous Experience

Various positions within Northrop Grumman, including Vice President and General Manager of Gulf Coast Operations.

Holdings

See how much did C. Michael Petters make over time.

C. Michael Petters' holdings have seen significant fluctuations over the years. At one point in 2020, their value peaked at approximately $196.25 million before dipping to about $115.53 million a few months later. By late 2020, they had slowly recovered...

Charitable Transactions

HII

370,183 shares

HII

Recent Charitable Transactions

HII

10,600 shares

HII

Dec 31, 2022

Charity

HII

122,483 shares

HII

Mar 9, 2020

Charity

HII

52,100 shares

HII

Dec 7, 2017

Charity

HII

50,000 shares

HII

Dec 31, 2016

Charity

HII

60,000 shares

HII

Dec 7, 2015

Charity

HII

75,000 shares

HII

Oct 30, 2014

Charity

Insider Trading

See recent insider trades of C. Michael Petters.

HII

10,600 shares

HII

Dec 31, 2022

Charity

HII

$26.21K

HII at $206.07/share

Mar 11, 2022

Received

HII

$6.21M

HII at $204.15/share

Mar 1, 2022

Received

HII

$17.35K

HII at $195.09/share

Mar 12, 2021

Received

HII

$3.10M

HII at $178.41/share

Mar 1, 2021

Received

HII

122,483 shares

HII

Mar 9, 2020

Charity

HII

$6.02M

HII at $234.84/share

Feb 24, 2020

Received

HII

$25.56K

HII at $200.12/share

Mar 8, 2019

Received

HII

$10.81M

HII at $210.24/share

Feb 27, 2019

Received

HII

$19.97K

HII at $264.03/share

Mar 9, 2018

Received

Compensation History

See how much did C. Michael Petters make over time.

Petters had notable compensation structures during his time as CEO of Huntington Ingalls Industries. In 2021, his total compensation was approximately $2.75 million. This sum arose primarily from a substantial bonus of around $2.75 million linked to company performance metrics, specifically Operating Margin and Operating Cash Flow. He received stock awards valued over $3 million, which vested based on performance metrics from past periods. Reflecting a unique approach to executive pay, Petters maintained a base salary of just $1, opting instead for performance-based bonuses and stock awards that connected his earnings directly to HII's achievements. This pay structure emphasizes a strong alignment between leadership performance and shareholder interests, making him a distinct figure in corporate governance.

Year

2021

Total Compensation

$5.92M

Salary

$1.00

Board Justification

The compensation philosophy emphasizes a pay-for-performance culture, aligning executive compensation with the company's performance and stockholder interests.

Bonus

$2.75M

Board Justification

The annual incentive award for 2021 was evaluated based on Operating Margin (OM) and Operating Cash Flow (OCF) for the entire enterprise, resulting in a performance score that led to a bonus payout of $2,750,000.

Other

$60.19K

Board Justification

Other compensation includes contributions to retirement plans, health and welfare contributions, financial planning, and other perquisites.

Restricted Stock

$3.11M(17.44K RPSR)

Board Justification

The stock awards that vested in 2021 were based on performance metrics achieved during the previous three-year performance period from 2018 through 2020.

Performance Metrics

The performance metrics for the annual incentive plan included Operating Margin (OM) and Operating Cash Flow (OCF) for the entire enterprise.

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