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Northeast Utilities CEO Made $11.8M In 2013, Down From 2012
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March 21, 2014
| By BRIAN DOWLING, bdowling@courant.com, The Hartford Courant
Northeast Utilities CEO Tom May leads a press conference in 2012. (Alan Chaniewski / FOX CT )
Northeast Utilities Chief Executive Officer Thomas J. May made 28 percent less last year than he did in 2012, according to regulatory filings made Friday.
May, who also is chairman of the company's board of directors, took home $11.83 million in 2013, down from the prior year when he made $16.56 million.
His overall pay fell even as his base salary increased to $1.16 million. May's long-term incentive compensation rose to $2.13 million. May also made $111,269 in other compensation, a category that includes company matches to retirement contributions, financial planning services, payments for leased vehicles, home security systems and life insurance payments.
The company also awarded May, 66, stock awards now worth $4.26 million, though their ultimate value will depend on how well the company's stock performs.
The Courant calculates compensation as the sum of salary, bonus, value exercised from stock options and vested stock awards, plus other forms of direct pay.
Northeast Utilities is the parent company of Connecticut Light & Power, Yankee Gas, NStar, Public Service of New Hampshire, Western Massachusetts Electric Co., and NU Transmission.
From Jan. 1 to Dec. 31 last year, Northeast Utilities stock increased 10.3 percent, during which time the Dow Jones Industrial Average rose 28 percent. Revenue increased 16.4 percent for the year, and net income rose about 10.9 percent.
The details were contained in Northeast Utilities' proxy statement filed with the U.S. Securities and Exchange Commission on Friday in advance of a shareholder meeting in May, where votes will be conducted on the election of directors, the company's executive compensation packages and auditor approval.
The filing also listed compensation for other key company executives:
— James J. Judge, chief financial officer, $2.45 million
— Leon J. Olivier, chief operating officer, $2.37 million
— David R. McHale, chief administrative officer, $2.27 million
— Gregory B. Butler, general counsel and secretary, $1.76 million.
