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Executive Compensation


Beacon Roofing Supply, CEB Inc., Graham Holdings Co., K12 Inc., Neustar Inc., PRA Group, and Tegna Inc. Tegna is a broadcast and digital media company resulting from last year’s division of publishing company Gannett Co. Inc. Tegna is led by former Gannett CEO Gracia C. Martore. Notably dropping off the list in 2015


are two firms undergoing bankruptcy reor- ganization: Nextel Communications’ Latin American wireless carrier NII Holdings, based in Reston, and coal-mining giant Alpha Natural Resources in Bristol, which is trying to shovel out from a mountain of debt amid weak coal demand. NII and Alpha each appeared on our 2014 list. Equilar said 27 Virginia CEOs got


an annual salary bump. Government-con- trolled mortgage lender Freddie Mac gave Donald H. Layton a reported $1.48 million salary, a staggering one-year increase of 147 percent. The pay raise subsequently was revoked by Congress, and it remains unclear how much of the pay increase Lay- ton actually received last year. Meanwhile, salaries for eight CEOs


remained flat. Other CEOs are newcomers to the list. And nine CEOs either have


Computer Sciences Corp. boss J. Michael Lawrie shot to the No. 1 slot this year with a pay packet estimated at $23.8 million. That’s up 54 percent. In 2015, CSC shareholders got a total return of 31 percent. Although his $1.25 million annual


Lawrie Novakovic Fairbank Bush Barrington Nassetta


retired or announced plans to retire: Media General’s Vincent Sadusky, whose company is being acquired, Brinks’ boss Thomas C. Schievelbein, Thomas J. Folliard at Car- Max, CEB’s Tom Monahan, Engility Hold- ings’ Anthony Smeraglino, K12’s Nathaniel A. Davis; Alan I. Kirshner at Markel Corp., Darren R. Jackson at Advance Auto Parts and Gracia Martore at Tegna. Another CEO, Richard D. Fairbank at Capital One Corp., continues his preference to be com- pensated solely in stock. After finishing in the top five a year ago,


salary is unchanged from last year, Lawrie, 63, moved up the list based on the strength of performance-based equity awards valued at $20 million, including nearly $16.4 mil- lion in stock awards and $3.58 in options. In addition, Lawrie earned a $2.25 million bonus related to the company’s spinoff of CSRA Inc., which combines CSC’s federal IT contracting business and its acquisition of SRA International. The company said in its proxy that the merger “marked a strategic next step in our transformation journey” since Falls Church-based CSC hired Lawrie as a turnaround specialist in 2012. Finishing second to Lawrie was Gen-


eral Dynamics Corp. Chairman and CEO Phebe N. Novakovic, the highest-paid of the three women on the list with compen- sation of $20.4 million. (Tegna’s Martore and Neustar’s Lisa A. Hook are the others). It marked the third consecutive top-three finish for Novakovic, who took the helm in 2013 after spending 12 years as a General Dynamics senior manager. The Falls Church-based defense


contractor posted consolidated revenue of $31.5 billion in 2015, a 2 percent increase compared to 2014. Sales to the U.S. government accounted for roughly 55 percent. Novakovic’s total pay was valued at $20.4 million, up 8 percent, including $13.7 million in equity payments. Her base salary inched up 2 percent to $1.584 million, while her $4.85 million bonus was up 14 percent. Claiming third place is Capital One


co-founder and longtime Chairman Rich- ard Fairbank. Directors at the credit-card services giant in 2015 granted Fairbank, 65, performance shares with a grant-date value of $8.75 million, payable only if shares of Capital One common stock attain a certain level through 2017. Fair- bank forfeits the shares if performance targets are missed during the time period. Fairbank has aggressively sought


to diversify Capital One beyond credit card services, including a push into niche commercial lending for various other businesses. The strategy has been fueled


70 OCTOBER 2016


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