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Unitil execs’ salaries reported

Thursday, March 4, 2010

Robert Schoenberger, the chairman, chief executive and president of Unitil Inc. earned $1.3 million in compensation in 2009, just slightly less than the amount he earned in 2008, according to a
proxy filed Wednesday with the Securities and Exchange Commission. [note by MAMEC: see page 39 of the proxy]

Schoenberger’s pay package includes $456,601 in salary, $196,338 in cash performance incentives, a $504,427 increase in the value of retirement benefits offered and $60,135 in other benefits, including dividends on restricted stock, 401(k) contributions, taxes paid on vested restricted stock, a vehicle allowance and club dues.

Other executives also were paid about what they were the year before: chief financial officer Mark Collin’s package was worth $441,469; chief operating officer Thomas Meisner Jr., $436,767; George Gantz, senior vice president, $404,087; and Todd Black, another senior vice president, $294,223.

While Unitil’s net gain of $10 million in 2009 was slightly more than the previous year, its per-share earnings were $1.03, down from $1.69 in 2008. That is primarily because the company expanded the number of outstanding shares to partly finance its acquisition of Northern Utilities and Granite State Gas Transmission.

Unitil closed at $22.32, up 20 cents. – BOB SANDERS/NEW HAMPSIHRE BUSINESS REVIEW