Duke Energy CEO Jim Rogers’ 2012 compensation of $8.7 million dropped slightly from that of the two previous years, according to a securities filing Thursday.
Rogers, who will retire by year’s end, is paid wholly in stock and option awards. The figure includes a change in the value of his pension.
Rogers was paid about $8.8 million in each of the previous two years.
Momentary chief executive Bill Johnson, former CEO of Progress Energy, left with less money than had been earlier estimated after Duke’s board fired him following the merger of the two companies in July.
Johnson’s negotiated severance gained him $23.6 million, according to the proxy statement Duke filed in advance of its May 2 shareholders meeting. He left with an additional $16 million in pension benefits and $455,000 in deferred pay, for a total of about $40 million.
Johnson had been estimated earlier to leave Duke with about $44.7 million, a figure that included tax payments that were not triggered. He’s now chief executive of the Tennessee Valley Authority.
Three other former Progress executives who resigned after Johnson’s ouster collectively left with more than $13 million in severance, accelerated vesting of stock awards and legal fees. That total does not include salary, stock awards and changes in pension value and deferred compensation.
John McArthur, who was to be Duke’s executive vice president for regulated utilities, got $4.8 million. He later was retained as a consultant at nearly $15,000 a month through 2014, under terms of a settlement ending the N.C. Utilities Commission’s investigation of Johnson’s dismissal.
Mark Mulhern, to be Duke’s chief administrative officer, got $2.2 million.
Jeffrey Lyash, who was named Duke’s executive vice president for energy supply after the merger, resigned several months after Johnson’s dismissal, at the end of 2012. He forfeited a $1 million retention payment that hinged on his remaining with Duke for two years after the merger but left with about $6.4 million in severance, accelerated stock vesting and relocation expenses.
Among top remaining Duke executives, chief financial officer Lynn Good and Marc Manly, president of commercial businesses, each earned about $3.1 million in salary, stock awards, pension and deferred compensation in 2012. Dhiaa Jamil, president of Duke Energy Nuclear, took in $2.4 million.
Duke’s directors also got raises, from $150,000 a year in cash and stock to $200,000. The lead director and committee chairs got additional increases.
“Duke Energy’s executive compensation is consistent with that of other large utilities, as well as similarly sized companies in other industries,” Duke said in a statement. “We use a pay-for-performance approach. Duke Energy followed existing contracts, in most cases, for Progress Energy executives.”
Shareholders will be allowed a nonbinding “advisory” vote on executive pay at their annual meeting.
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