Tuesday, December 15, 2015
Top Empire District executives have $21 million in golden parachutes
What is known because it is in their contracts and because SEC laws require that they reveal it is how much the top five Empire District officials would make if they were to happen to leave their jobs, whether it be of their own volition or if they are shown the door.
A definitive proxy statement filed in March with the SEC reveals that Empire District's Electric Company's top officials are guaranteed more than $20 million in severance packages, including a whopping $7,262,979 for CEO Brad Beecher.
The officials would also be allowed to continue receiving their benefits for three years, including health insurance, life insurance, and accidental death and dismemberment insurance.
In addition to Beecher's $7 million plus, the following guarantees are made to top company officials:
-Chief Financial Officer Laurie Delano $4,526,790
-Chief Operating Officer Electric Kelly Walters $3,244,397
-Chief Operating Officer Gas Ron Gatz $3,128,615
-Vice President Commercial Operations Martin Penning $3,512,650
The total for the five officials is $21,412,452.
An examination of definitive proxy statements from previous years shows that Beecher's severance package has nearly tripled over the past two years, from $2,463,602 in 2013 to $7,262,979.
In 2013, the severance packages for the top five executives totaled $8,188,870, but has been increased by $13,223,582 over the past two years.
According to the terms of the agreements,the severance packages would be received in lump sum payments.
Reports: Empire District Electric for sale