Black executive Craig Arnold, the chairman and chief executive officer of Eaton — an American-Irish multinational power management company — received a total compensation of nearly $14.07 million in 2022.
Arnold — who assumed the CEO role on June 1, 2016 — saw his compensation from the power management company decline by 37.7 percent from his previous year’s pay of $19.37 million.
This is linked to changes in his pension value and nonqualified deferred compensation earnings, which he did not receive. Also, his non-equity incentive declined by 51.28 percent compared to the previous year’s figure.
Unpacking Arnold’s compensation — $1.4-million base salary, $2.4-million bonus, $8.06-million incentive
Arnold’s 2022 compensation package comprises a base salary of $1.4 million and a performance-based short-term incentive of $2.4 million derived from the power company’s exceptional performance during the fiscal year.
He also received a long-term incentive award of $8.06 million from the company, highlighting his dedication to the power company and his wealth of expertise as a seasoned professional.
Rising through the ranks: Craig Arnold’s impactful tenure at GE and Eaton
Arnold began his career in 1983 with General Electric (GE), where he served as corporate vice president and president of GE Plastics, Greater China, and GE Appliances, Asia.
He also led the company’s lighting business in Europe, the Middle East, Africa, and India before joining Eaton in 2000 as senior vice president and group executive.
At Eaton Corporation, Arnold’s appointment to the company’s board of directors came on Sept. 1, 2015. Prior to that, he served as the vice chairman and chief operating officer, Industrial Sector, from February 2009 to August 2015.
Eaton’s financial milestones under Craig Arnold’s leadership
Since assuming the mantle of leadership, Arnold has led Eaton Corporation to impressive financial milestones.
The company reported a revenue of $20.8 billion in the 2022 fiscal year and serves customers in more than 170 countries. Its assets experienced a slight increase of 2.9 percent, rising from $34.03 billion in 2021 to $35.01 billion at the end of 2022.
Beyond his executive and governance roles, Arnold owns a minority 0.13-percent stake in Eaton Corporation — equivalent to 514,998 ordinary shares.
This stake presently commands a valuation of $117.26 million — underscoring his vested commitment to the continued triumph of the intelligent power management company.
