Raytheon to pay $400,000 salary to its new chief accounting officer

Raytheon Co. disclosed today that it will pay Michael J. Wood, its newly appointed vice president and chief accounting officer, an annual base salary of $400,000.

The aerospace and defense company said in a document filed with the Securities and Exchange Commission that Wood, who will assume his posts Monday, also has a target bonus of 60 percent of his annual base salary, with a guaranteed bonus of $120,000 for 2006.

In August, Raytheon's relocation vendor purchased Wood's former residence for $1.16 million as part of Raytheon's key employee relocation policy, according to the filing.

Upon certain approvals, the company said that Wood will also be awarded 5,000 shares of restricted stock.

In addition, Wood, who last worked as audit partner for KPMG LLC, will be eligible to participate in certain benefit plans and programs.

Upon his arrival at Raytheon, Wood will serve as the company's principal accounting officer, a position currently held on an interim basis by David C. Wajsgras, its senior vice president and chief financial officer. (Dow Jones)