The chief executive officer of Curtiss-Wright Corp., a manufacturer and service provider for commercial, industrial, defense and energy markets, saw a 32.7 percent drop in total compensation in 2017, according to a filing Friday morning with the Securities and Exchange Commission.

David Adams received $5.5 million in compensation in 2017, down from $7.3 million in 2016.

His base salary increased to $925,000 in 2017 from $915,385 in 2016.

Effective this month, Curtiss-Wright consolidated its year-end compensation planning activities into a single timeframe. Instead of evaluating its executives and directors in November, the company will now do it in March.

As a result, no restricted stock options were granted in November 2017, which accounts for the decrease in Adams’ total compensation.

Curtiss-Wright reported earnings of $2.14 million or $4.86 per share in 2017, up 7.1 percent from $1.87 million or $4.27 in 2016.

In February, the Charlotte-based company announced it was acquiring the Dresser-Rand Government Business, which manufacturer’s equipment used in the extraction of petroleum and natural gas, for $212.5 million in cash. The business will operate within Curtiss-Wright’s power segment.

Curtiss-Wright stock is down 0.22 percent at $135.55 in Friday morning trading.

The annual shareholders meeting will take place on Thursday, May 10, at the Homewood Suites by Hilton in Davidson, North Carolina, at 10 a.m.