Duke Energy chairman and CEO Lynn Good’s pay jumped 27 percent last year to about $13.8 million, the company said Friday in its proxy statement to shareholders.
Good, the former chief financial officer who was named Duke’s CEO in 2013, earned $10.8 million in total compensation in 2015.
As is typical for top executives of large companies, the bulk of her 2016 pay – $9.1 million – was in performance-based stock awards. If she’s deemed to have performed at the highest possible level, the actual awards could go as high as $12.8 million.
Performance awards aren’t guaranteed. No awards were made for the rolling three-year period of 2014-16, when Duke’s stock performed poorly compared to other utilities.
Duke earned $2.1 billion in 2016, down from the $2.8 billion of the previous year, but reached the high end of its target for earnings per share.
Total shareholder return was 13.5 percent in 2016, compared to a 10.8 percent loss in 2015. Other companies tracked by the Philadelphia Utility Index showed a similar shift in those two years.
Other top Duke executives, some of whom had job changes last year, also enjoyed hefty pay increases last year.
Dhiaa Jamil, who was named chief operating offer last May, saw his total compensation go up 57 percent to $4.9 million. The pay for Lloyd Yates, the Carolinas president who also became executive vice president for customer and delivery operations in September, went up 54 percent to about $4.2 million.