The president and CEO of a shipbuilding company says he will forgo his base salary and use the money to launch an educational assistance fund for employees’ children.
Mike Petters, the chief executive of Huntington Ingalls Industries, said in a news release last week that the fund will go toward early-childhood-education assistance and college scholarships. The Washington-based company says the education fund will be operated by an independent third party.
Peters earned a base salary of $950,000 last year. His total compensation last year topped $8 million. He will continue to receive performance-based compensation as a percentage of his 2015 salary this year.
A version of this article appeared in the March 30, 2016 edition of Education Week as CEO Bestows Salary on Education Aid