Phebe N. Novakovic
Also at General Dynamics Corp
About
Phebe N. Novakovic was born in 1957 and is recognized as a seasoned leader in the defense and aerospace sectors. Her personal background reflects decades of experience and dedication, although specific details regarding her early education remain undisclosed.
She began her career at General Dynamics in 2002 as Vice President of Strategic Planning. Over the years, she progressed through various leadership roles, including Senior Vice President, Executive Vice President, and President and Chief Operating Officer, which set the stage for her eventual appointment as Chairman and Chief Executive Officer in January 2013.
In her current role, she has been instrumental in driving strategic growth and operational excellence at GD. Her tenure is marked by significant contract wins and an unwavering focus on innovation and efficiency, while also serving on corporate boards and contributing to broader industry insights.
$GD Performance Under Phebe N. Novakovic
Past Roles
| Organization | Role | Date Range | Details |
|---|---|---|---|
| Abbott Laboratories | Director | N/A | Previously served as a director within the past five years |
| General Dynamics | President and Chief Operating Officer | May 2012 - December 2012 | Held prior to becoming Chairman and CEO in January 2013 |
| General Dynamics | Executive Vice President, Marine Systems | May 2010 - May 2012 | Held prior to becoming Chairman and CEO in January 2013 |
| General Dynamics | Senior Vice President, Planning and Development | July 2005 - May 2010 | Held prior to becoming Chairman and CEO in January 2013 |
| General Dynamics | Vice President, Strategic Planning | October 2002 - July 2005 | Held prior to becoming Chairman and CEO in January 2013 |
External Roles
| Organization | Role | Date Range |
|---|---|---|
| J.P. Morgan Chase & Co. | Director | N/A |
Fixed Compensation
| Component Name | Amount | Payment Schedule | Additional Details |
|---|---|---|---|
| Base Salary | $1,700,000 | Annually | Fixed base compensation |
| All Other Compensation | $699,783 | Annually | Includes $34,000 for Registrant Contributions to Nonqualified Deferred Compensation Plan ; other components not detailed |
Performance Compensation
Annual Incentive Plan (AIP)
| Metric | Value | Details |
|---|---|---|
| Base Salary | $1,700,000 | Used as the basis for incentive calculations |
| Target Incentive (% of Base) | 185% | Target incentive relative to base salary |
| Target Incentive Amount | $3,145,000 | Calculated as 185% of base salary |
| Maximum Incentive (% of Target) | 200% | Maximum payout multiplier |
| Overall Achievement | 136.3% | Actual achievement relative to target |
| Annual Incentive Payout | $4,287,000 | Paid in the subsequent year (2024) based on 2023 performance |
| Performance Metrics | N/A | Includes Diluted EPS, Free Cash Flow, Operating Margin, and Strategic & Operational Goals |
Long-Term Incentive Plan (LTI)
Performance Stock Units (PSUs)
| Metric | Value | Details |
|---|---|---|
| Performance Metric | ROIC over 2023-2025 | Primary metric subject to performance over a three-year period, with an rTSR modifier applied |
| Threshold Payout | 33% of PSUs awarded | Minimum performance required to earn any PSUs |
| Target Payout | 100% of PSUs awarded | Expected PSU award on meeting performance objectives |
| Maximum Payout | 200% of PSUs awarded | Cap at double the target if maximum ROIC achieved with rTSR modifier adjustments |
| Vesting Schedule | Cliff-vest at end of 2025 | PSUs vest after the three-year performance period (2023-2025) |
| Grant Date | March 8, 2023 | Specific grant date for the PSU awards |
| Grant Date Fair Value | $11,246,277 | Fair value determined based on the target payout |
| Grant Date Stock Price | $227.06 | Closing price on the grant date |
Restricted Stock Awards
| Metric | Value | Details |
|---|---|---|
| Award | 13,620 shares | Restricted stock granted to the executive |
| Vesting Schedule | Cliff-vest after 3 years | Vesting occurs at the end of the performance period, subject to continuous service |
Option Awards
| Metric | Value | Details |
|---|---|---|
| Grant Date | March 8, 2023 | Date on which option awards were granted |
| Grant Date Fair Value | $4,649,716 | Fair value assigned at grant |
| Exercise/Base Price | $227.58 | Average of high and low prices on the grant date |
| Vesting Schedule | Not specified | No detailed vesting schedule provided; accelerated vesting on death or total and permanent disability |
| Performance Metrics | Not specifically provided | Options follow equity incentive guidelines; detailed performance measures are not provided |
Note: The AIP and LTI components together form the performance compensation for 2023. While precise weights for each performance metric are not disclosed, the payout outcomes are documented. Option awards lack specific performance metric details.