Northrop Gives Seymour $300,000 Thank-you For Tanker Deal
The former president of its El Segundo-based Integrated Systems sector helped Northrop snag the Air Force tanker deal that Boeing was favored to win.
By Edmond LococoMarch 25 (Bloomberg) -- Northrop Grumman Corp. and former executive Scott Seymour just exchanged parting gifts: He helped give the underdog contractor a win on a $35 billion Air Force refueling tanker contract, and Northrop gave him $300,000.
Seymour's payment is a ``special completion award'' for running the Integrated Systems unit that led the tanker bid, Century City-based Northrop said in a regulatory filing Tuesday.
Seymour's retirement, announced Sept. 19, became effective Feb. 29, the same day Northrop won the contract over Boeing Co., which had supplied the Air Force tankers for more than half a century and was the unanimous pick to win in a Bloomberg analyst survey. Seymour had already received a cash bonus of $800,000 for his 2007 performance, the company said in a Feb. 26 filing.
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