Skip to comments.Pepco boss got megawatt pay boost despite problems
Posted on 07/04/2012 6:09:59 PM PDT by Tolerance Sucks Rocks
Pepcos chief executive, Joseph Rigby, didnt get a salary increase last year because of customer reliability issues, but he still managed to double his overall compensation, regulatory filings show.
Thanks mostly to an employment deal and supplemental executive retirement plan, Mr. Rigbys overall compensation rose to nearly $7.2 million last year, according to Securities and Exchange Commission filings.
With hundreds of thousands of Pepco customers in the District of Columbia and Maryland left without electricity for days in sweltering temperatures after a violent storm Friday, Mr. Rigbys compensation is likely to get a closer look as questions emerge about the companys performance in restoring power.
Pepcos proxy statement filed with the SEC this year specifically links the decision by the utility companys board of directors to freeze Mr. Rigbys salary in 2011 because of customer reliability issues.
While the companys board of directors kept Mr. Rigbys salary last year at $880,000, the same salary he received the year before, that tells only a part of the story of the top executives compensation. Overall, SEC filings put Mr. Rigbys 2011 compensation at $7.16 million, compared with $3.55 million in 2010 and $3.11 million in 2009.
Whats more, Mr. Rigby signed a new three-year employment contract with Pepco in December that went into effect Jan. 1. Under that deal, his base salary will increase, too.
Explaining the decision to raise Mr. Rigbys salary by 11.9 percent next year to $985,000, the company disclosed in SEC forms that Pepcos compensation committee recognized Mr. Rigbys strong leadership evidenced by his oversight of the company through reliability, customer service and reputational issues.
(Excerpt) Read more at washingtontimes.com ...
Maryland “Freak State” PING!
Probably should have gotten an even larger salary/bonus for having to deal with East coast envir-whackos, local/state government political pimps, and unions. I’m amazed that they even had electricity in that part of the country.
If they don’t like the power company they have.. they have no one to blame but themselves. Since they are the only game in town some government office gave the monopoly to them.