President-elect Joe Biden’s choice for U.S. defense secretary, retired General Lloyd Austin, stands to collect as much as $1.7 million connected with leaving Raytheon Technologies Corp, an ethics disclosure showed on Sunday.
Austin took a board seat with a predecessor to the weapons maker after retiring from the Army in 2016.
As part of his compensation, he was given stock in Raytheon and two companies that were spun off, Carrier Global Corp and Otis Worldwide Corp.
If he resigns to take the Biden administration job, some of that stock would be sold on his behalf. He pledged to fully divest from Raytheon within 90 days of his confirmation, Austin said in filings posted by the U.S. Office of Government Ethics. He also agreed to recuse himself from some decisions involving the company for a year.