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NEWPORT NEWS, Va. (AP) — The president and CEO of shipbuilding company Huntington Ingalls Industries says he will forgo his base salary and use the money to launch an educational assistance fund for employees' children.
Huntington Ingalls CEO Mike Petters said in a news release Monday that the fund will go toward early childhood education assistance and college scholarships.
Peters earned a base salary of $950,000 last year. His total compensation last year topped $8 million. His pay included salary, annual incentives and changes in pension value.
Petters requested to reduce his base salary to $1. He will continue to receive performance-based compensation as a percentage of his 2015 salary this year. The company's directors approved Petters' request.
The company says the education fund will be operated by an independent third party.
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