News
Most of Progress Energy's top executives saw declines in their compensation in 2008, the company disclosed Tuesday.
Bill Johnson, chairman, president and chief executive of the Raleigh, N.C., company, saw his overall compensation drop by $1.35 million largely due to a decrease in stock awards. Compensation includes salary, bonus, and stock awards. His overall compensation was $6.38 million.
Progress Energy owns the St. Petersburg utility Progress Energy Florida. Jeff Lyash, president and chief executive of the Florida utility, also saw his compensation drop by more than $500,000.
Compensation is based on performance as well as compensation at similar companies, said David McNeill, a company spokesman. The stock awards, some of them restricted, are designed to retain executives and align the executive's interests with those of the company and its shareholders.
"It is designed to provide competitive, market-based compensation that rewards effective leadership and promotes continuity of our high-performing management," McNeill said. "Leadership and continuity are important to our ability to manage the company effectively and efficiently on behalf of customers and shareholders."
Asjylyn Loder can be reached at aloder@sptimes.com or (813) 225-3117.
Progress Energy executive pay for 2008
Bill Johnson, president, chairman and chief executive of Progress Energy, parent of utilities Progress Energy Florida and Progress Energy Carolinas
Salary: $950,000
Stock awards: $3,114,598
Non-equity incentive plan compensation: $929,000
Change in pension value and nonqualified deferred compensation earnings: $1,091,256
All other compensation: $304,571
Total: $6,389,426
Jeff Lyash, president and chief executive of Progress Energy Florida
Salary: $432,885
Stock awards: $905,018
Non-equity incentive plan compensation: $225,000
Change in pension value and nonqualified deferred compensation earnings: $323,904
All other compensation: $140,812
Total: $2,027,619
Loading...
