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[April 02, 2014]
PG&E CEO, utility president, and gas operations boss receive pay cuts [Contra Costa Times :: ]
(Contra Costa Times (Walnut Creek, CA) Via Acquire Media NewsEdge) April 03--SAN FRANCISCO -- PG&E's top boss and two of his key lieutenants, the head of the company's utility operations and the leader of its natural gas unit, all received pay cuts during 2013, according to a new regulatory filing on Wednesday.
The compensation disclosures came one day after the company's utility operation was indicted by a federal grand jury on criminal felony charges for 12 counts of violating federal pipeline safety rules in connection with the fatal San Bruno natural gas explosion in September 2010 that killed eight people.
In a separate filing on Wednesday, PG&E said it expects to be arraigned on April 9 in U.S. District Court on the criminal charges. The utility said it will plead not guilty to the allegations contained in the grand jury indictment.
Anthony Earley, chief executive officer of PG&E, received total direct compensation of $9.6 million during the 2013 fiscal year that ended in December, documents filed with the Securities and Exchange Commission show. That was down 0.6 percent from his total direct pay during 2012, according to an annual proxy filing by PG&E. Compensation experts consulted by this newspaper define total direct compensation as the combined total of salary, bonuses, stock options, stock grants, and miscellaneous other pay.
Christopher Johns, president of the utility operation, known as Pacific Gas & Electric Co., received total direct compensation of $3.9 million, the SEC filing shows. That was down 7.5 percent from the year before.
Nickolas Stavropoulos, executive vice president of PG&E gas operations, was awarded $2.1 million in total direct pay in 2013, down 15.2 percent from 2012.
San Francisco-based PG&E awarded Earley a base salary of $1.25 million, unchanged from the year before. For the second straight year, Earley received no cash bonus, the SEC filing shows. Earley also received $6.5 million in grants of company stock.
Earley also realized a gain of $1.5 million from the sale of some of his stock, while Johns realized a gain of $1.6 million from sales of stock, the SEC filing shows.
Contact George Avalos at 408-859-5167. Follow at twitter.com/georgeavalos ___ (c)2014 the Contra Costa Times (Walnut Creek, Calif.) Visit the Contra Costa Times (Walnut Creek, Calif.) at www.contracostatimes.com Distributed by MCT Information Services
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