Eaton (NYSE:ETN) chief executive Alexander “Sandy” Cutler saw a 50% salary increase last year on a much higher year-over-year bonus.
The Cleveland-based maker of electrical and hydraulic parts for machinery and vehicles reported in security filings on Friday that Cutler’s total compensation was $12.8 million, up from $8.5 million a year ago, according to the Wall Street Journal.
The rise was due primarily to a much higher bonus of $6.7 million, compared with just $575,000 the year-earlier.
The top executive also reaped $18.7 million by exercising stock options.
Cutler, 59, has been CEO for the past 11 years. He joined Cutler-Hammer in 1975, which was subsequently acquired by Eaton, and has served in a variety of leadership roles, including chief operating officer.
Eaton said its compensation programs are heavily weighted on performance.