Chabraja extends GD employment agreement

Nicholas Chabraja, 64, extended his employment contract with General Dynamics Corp. for 14 months beyond the previous end date of April 30, 2008. He will now remain on board with the company through June 30, 2009.

Chabraja made the extension at the request of the company's board of directors.

He has been chairman and chief executive officer since June 1997. In 2006, Chabraja received a base salary of $1.3 million and a $3.2 million bonus, according to company filings with the Securities and Exchange Commission. He also received about $6.7 million in stock options. His total compensation package was worth about $14.5 million.

During his 10-years leading the company, General Dynamics revenue has grown from about $3.6 billion in 1996 to $24.1 billion in 2006. During the same period earnings per share grew from $1.07 in 1996 to $4.20, a compound annual growth rate of 14.7 percent, according to the company.

General Dynamics of Falls Church, Va., ranks No. 7 on Washington Technology's 2007 Top 100 list of the largest federal government prime contractors.