Jason W. Aiken
GENERAL DYNAMICSAbout Jason W. Aiken
Executive Vice President, Technologies at General Dynamics (GD). He served as EVP, Technologies & CFO in 2023 and transitioned to EVP, Technologies on February 15, 2024; tenure in current role is 2 years as of the 2025 proxy . Previously CFO since January 2014; earlier roles include CFO of Gulfstream, VP & Controller, and Staff VP, Accounting . Company performance context in 2024: record revenue $47.7B, diluted EPS $13.63, net cash from operations $4.1B, year-end backlog $90.6B, and 3-year TSR of 34.9% vs 29.3% for S&P 500 . Age not disclosed in 2025 proxy; GD’s 10-K lists him as age 49 as of February 9, 2022 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| General Dynamics Corporation | EVP, Technologies | 2024–present | Led Technologies segment to record orders ($14.7B; 1.1x book-to-bill), revenue up 1.6% YoY, margin +20 bps vs plan; drove restructuring, cost reductions, and portfolio shaping (one acquisition, one divestiture) . |
| General Dynamics Corporation | EVP, Technologies & CFO | 2023 | Oversaw transition of Finance leadership while coordinating company-wide councils; supported sustainability and human capital programs . |
| General Dynamics Corporation | Senior VP & CFO | 2014–2023 | Directed capital markets and liquidity management; risk oversight and investor engagement; certified GD financial reporting in 10-Ks . |
| Gulfstream Aerospace (GD subsidiary) | VP of the company & CFO | 2011–2013 | Managed finance during program cycles; prior to GD corporate CFO appointment . |
| General Dynamics Corporation | VP & Controller | 2010–2011 | Corporate controllership; financial reporting oversight . |
| General Dynamics Corporation | Staff VP, Accounting | 2006–2010 | Built accounting function; succession planning across finance . |
External Roles
No public company board directorships or external committee roles disclosed in GD’s proxy/10-K for Aiken; executive officer biography lists GD roles only .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $900,000 | $1,100,000 | $1,100,000 |
| Target Bonus (% of Salary) | Not disclosed | Not disclosed | 125% |
| Actual Annual Incentive Paid ($) | $1,383,000 | $1,874,000 | $1,500,000 |
| All Other Compensation ($) | $91,258 | $80,669 | $84,834 |
Performance Compensation
Annual Incentive Scorecard (Company Metrics; 2024)
| Metric | Weighting | Threshold | Target Range | Maximum | Actual | Payout (% of Target) |
|---|---|---|---|---|---|---|
| Diluted EPS ($) | 25% | 12.08 | 14.21–14.41 | 15.13 | 13.63 | 86.4% |
| Free Cash Flow ($M) | 25% | 2,960 | 3,700–3,800 | 4,180 | 3,196 | 65.9% |
| Operating Margin (%) | 20% | 9.9 | 10.7–10.9 | 11.1 | 10.1 | 62.5% |
| Strategic & Operational | 30% | 0% | 100% | 200% | Mr. Aiken: 195% of target | 195% |
Notes:
- 2024 targets were set above 2023 performance (EPS +18%, margin +7%, FCF consistent) .
- NEOs averaged ~108% of target across financial and strategic/operational components; 2024 payouts below 2023 due to misses on EPS, margin, FCF despite record revenue/EPS .
Long-Term Incentive (LTI) Structure and 2024 Grants
- Mix: 50% PSUs, 30% Stock Options, 20% Restricted Stock .
- PSU performance: 3-year average ROIC with rTSR modifier (+/− up to one-third); cliff vest after three years .
- 2022–2024 PSU payout: 136% of target (ROIC 102% component; rTSR at 81st percentile applied 1.33x) .
| Component (2024 Grants) | Target/Count/Terms |
|---|---|
| PSUs | Threshold 3,645; Target 10,930; Max 21,860; performance 2024–2026; rTSR modifier; dividends accrue and vest with PSUs . |
| Restricted Stock | 4,370 shares; 3-year cliff vest (release in March 2027) . |
| Stock Options | 29,790 options @ $274.51 exercise price; 10-year term; future exercisability in March 2026/2027 for 14,895 each . |
2024 Vesting/Release Schedules (as of 12/31/2024)
| Instrument | Next Release/Exercisable Date(s) | Quantities | Notes |
|---|---|---|---|
| Restricted Stock | Mar 3, 2025 | 3,865 | Market value shown in table; subsequent releases in Mar 2026 (5,275) and Mar 2027 (4,370) . |
| PSUs | Mar 5, 2025 | 14,000 released | Future PSU cohorts may release Q1 2026 (27,350) and Q1 2027 (22,179), subject to performance . |
| Stock Options | Mar 2, 2025 | 17,435 becomes exercisable | Additional future exercisability: Mar 8, 2025 (18,955); Mar 6, 2026 & 2027 (14,895 each) . |
Option Exercises and Stock Vested (Liquidity Signals; 2024)
| Category | Quantity | Value Realized ($) |
|---|---|---|
| Options Exercised | 61,350 | $7,781,157 |
| Stock Awards Vested | 26,926 | $7,394,373 |
Equity Ownership & Alignment
- Stock ownership guidelines: executives must hold GD shares valued at 8–10x base salary (CEO 15x); hedging and pledging of GD stock are prohibited .
- Aiken’s beneficial ownership (as of March 12, 2025):
- Shares owned: 164,562
- Options exercisable within 60 days: 254,345
- Total counted for table: 418,907; <1% of shares outstanding
| Item | Value |
|---|---|
| Shares Owned | 164,562 |
| Options Exercisable within 60 Days | 254,345 |
| Total for Table | 418,907 |
| Ownership % of Class | <1% |
| Hedging/Pledging Policy | Prohibited for officers/directors |
Employment Terms
- Clawback policy; double-trigger change-in-control; no excise tax gross-ups; no single-trigger equity acceleration; anti-hedging/anti-pledging .
- Pension frozen for Aiken as of December 31, 2013; negative pension value change reflected in 2024 footnote .
Potential Payments Upon Termination or Change in Control (as disclosed; $)
| Scenario/Payment Type | Amount ($) |
|---|---|
| Death: Life Insurance Benefit | $2,200,000 |
| Death: Stock Options | $1,894,685 |
| Death: Restricted Stock | $3,559,750 |
| Death: PSUs | $3,375,570 |
| Disability: Stock Options | $1,894,685 |
| Disability: Restricted Stock | $3,559,750 |
| Disability: PSUs | $3,375,570 |
| Change in Control with Qualifying Termination: Annual Incentive | $1,874,000 |
| Change in Control: Severance | $8,892,260 |
| Change in Control: Benefits (life/medical/dental/LTD) | $374,935 |
| Change in Control: Outplacement | $10,000 |
| Change in Control: Financial Counseling/Tax Planning | $30,000 |
| Change in Control: Supplemental Retirement Benefit | $104,271 |
| Change in Control: Stock Options | $1,894,685 |
| Change in Control: Restricted Stock | $3,559,750 |
| Change in Control: PSUs | $6,524,803 |
| Change in Control: Total | $23,264,704 |
Compensation Detail (Multi-Year)
| Component | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Stock Awards ($) | $3,177,503 | $4,353,404 | $4,559,054 |
| Option Awards ($) | $1,349,818 | $1,799,967 | $1,799,614 |
| Non-Equity Incentive ($) | $1,383,000 | $1,874,000 | $1,500,000 |
| Total Compensation ($) | $6,901,579 | $9,244,195 | $9,043,501 |
Performance & Track Record (Technologies Segment, 2024)
- Orders $14.7B; book-to-bill 1.1x; total awards $21.8B; segment potential contract value $48.1B .
- Revenue $13.13B (+1.6% YoY); operating margin 9.6% (+30 bps YoY; +20 bps vs plan); cash generation >17% above goal .
- Strategic initiatives: portfolio reshaping, organizational simplification, overhead reductions, joint capture across AI/cloud/zero trust/HPC/post-quantum domains .
- Strategic & operational score: 195% of target for 2024 .
Governance, Ownership Policies, and Say‑on‑Pay
- Stock ownership requirements: NEOs 8–10x salary; CEO 15x salary; retention until guideline met .
- Anti-hedging/anti-pledging; double-trigger CIC; robust clawback; no excise tax gross-ups .
- 2024 say-on-pay approval: 95.7% support; program kept metrics/weights unchanged (annual: EPS 25%, FCF 25%, Operating Margin 20%, Strategic/Operational 30%; LTI: PSUs 50% with ROIC+rTSR, Options 30%, Restricted 20%) .
Investment Implications
- Strong pay-for-performance alignment: majority at-risk pay via formulaic annual metrics and multi-year PSUs tied to ROIC with rTSR modifier; strict ownership multiples and anti-hedging/pledging policy support alignment and reduce pledge/hedge risk .
- Vesting/exercisability cadence suggests periodic supply events: significant restricted releases through 2027 and option tranches in 2025–2027; notable 2024 exercises/vests ($15.2M pre-tax) indicate potential liquidity/tax-driven selling pressure windows around March each year .
- Retention risk appears contained: competitive LTI grant in 2024 ($6.0M target value) with 3-year cliff PSUs and options; CIC economics ($23.3M total) and double-trigger design provide protection without shareholder-unfriendly single-trigger accelerations/gross-ups .
- Execution credibility: 2024 segment outperformance and high strategic/operational score (195%) offset corporate-level FCF/margin shortfalls; prior PSU payout at 136% underscores multi-year value creation focus .