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Pepco boss got megawatt pay boost despite problems
The Washington Times ^ | July 3, 2012 | Jim McElhatton

Posted on 07/04/2012 6:09:59 PM PDT by Tolerance Sucks Rocks

Pepco’s chief executive, Joseph Rigby, didn’t 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. Rigby’s 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. Rigby’s compensation is likely to get a closer look as questions emerge about the company’s performance in restoring power.

Pepco’s proxy statement filed with the SEC this year specifically links the decision by the utility company’s board of directors to freeze Mr. Rigby’s salary in 2011 because of “customer reliability issues.”

While the company’s board of directors kept Mr. Rigby’s 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 executive’s compensation. Overall, SEC filings put Mr. Rigby’s 2011 compensation at $7.16 million, compared with $3.55 million in 2010 and $3.11 million in 2009.

What’s 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. Rigby’s salary by 11.9 percent next year to $985,000, the company disclosed in SEC forms that Pepco’s compensation committee “recognized Mr. Rigby’s strong leadership evidenced by his oversight of the company through reliability, customer service and reputational issues.”

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events; US: District of Columbia; US: Maryland
KEYWORDS: blackouts; compensation; fine; josephrigby; marionbarry; mpsc; pepco; poweroutages; sec

1 posted on 07/04/2012 6:10:10 PM PDT by Tolerance Sucks Rocks
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To: Abundy; Albion Wilde; AlwaysFree; AnnaSASsyFR; bayliving; BFM; cindy-true-supporter; ...

Maryland “Freak State” PING!


2 posted on 07/04/2012 6:13:25 PM PDT by Tolerance Sucks Rocks (Occupy DC General Assembly: We are Marxist tools. WE ARE MARXIST TOOLS!)
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To: Tolerance Sucks Rocks

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.


3 posted on 07/04/2012 7:34:28 PM PDT by RetiredTexasVet (Skittle pooping unicorns are more common than progressives with honor & integrity.)
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To: Tolerance Sucks Rocks

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.


4 posted on 07/04/2012 10:03:51 PM PDT by cableguymn (For the first time in my life. I fear my countries government.)
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To: RetiredTexasVet
You're on the mark. While we're not dealing with the protection of spotted owls trimming trees around power lines was tightly controlled until the tree limbs started falling on lines.
Problem this time was the size of the destroyed area and the severity of the destruction. Assistance from other power companies had to come from a long way off.
However, the whining that went on In my neighborhood and that continues is hard to take. But then since I live in a Rat stronghold in Maryland, instant gratification in all things is demanded.
5 posted on 07/05/2012 4:42:48 AM PDT by Jimmy Valentine's brother (Near term Obamacare 'Unit")
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To: RetiredTexasVet
You're on the mark. While we're not dealing with the protection of spotted owls, trimming trees around power lines was tightly controlled until the tree limbs started falling on lines.
Problem this time was the size of the destroyed area and the severity of the destruction. Assistance from other power companies had to come from a long way off.
However, the whining that went on In my neighborhood and that continues is hard to take. But then since I live in a Rat stronghold in Maryland, instant gratification in all things is demanded.
6 posted on 07/05/2012 4:43:24 AM PDT by Jimmy Valentine's brother (Near term Obamacare 'Unit")
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