Dive Summary:
- Robert Shapard, chairman and CEO of Oncor Electric Delivery Co., received $20 million last year, three times as much as John Young, CEO of Oncor's parent company, Energy Future Holdings Corp., received.
- In 2011, Shapard was paid $2.4 million while Young received $15.1 million; the discrepancies between each CEO's salary over the last two years is accounted for by incentives which kicked in for Shapard and Young in 2012 and 2011, respectively.
- After last year's $136 million loss, Energy Future reported a $1.95 billion Q4 loss today; Moody's Investors Service anticipates the company will file for restructuring within the next 12 months.
From the article:
"... Energy Future owns 80 percent of Oncor, a regulated power- line business that delivers electricity to more than 3 million Texas homes and businesses. The utility operates under a board with a majority of independent directors as part of a structure that is intended to shield it from any corporate reorganization by its parent.
Shapard’s total compensation including long-term awards is at the median of executive compensation for utility peers when divided over five years, Chris Schein, a spokesman for Oncor, said in a telephone interview. ..."
