Wednesday, March 16, 2016

Empire District Electric CEO has $10 million plus golden parachute

If the sale of Empire District Electric Company to Liberty Utilities, the U. S. subsidiary of Canadian-based Algonquin Power and Utilities, goes through and things don't work out as planned, Empire CEO Bradley Beecher has nothing to worry about.

According to a proxy statement filed today with the Securities and Exchange Commission, Beecher will receive a $10,244,940 severance package, if he decides to leave within 18 months of a change in control or if the new bosses decide they no longer want to work with him.

Beecher's payout increased $3 million in the past year. The proxy statement filed in March 2015 showed him receiving a $7,262,979 if he left voluntarily after a change of control.

Beecher and four other top Empire District officials could receive more than $26 million, according to the proxy statement. The following payouts were listed:

Chief Financial Officer Laurie Delano- $5,280,982

Chief Operating Officer Electric Kelly Walters- $4,070,510

Chief Operating Officer Gas Ron Gatz $3,803,878

Vice President Energy Supply Blake Mertens $2,632,444

The total for the five officials is $26,032,754.

Publicly traded companies are only required to list the pay packages of their top five officials.

The package for the top five increased $4,020,302 over the past year with most of that going to Beecher, according to the proxy statement.

The SEC filing also listed the pay packages received by the officials in 2015:

Beecher $1,782,494

Delano $980,558

Walters $774,679

Gatz $606,762

Mertens $506,593


Anonymous said...

Does it say what Empires revenue was last year?

Anonymous said...

Making and selling electricity is almost like rocket science. These are hard workers who earned every penny of it by making their employer successful and profitable. Missouri needs more jobs like these.

Unless Missouri legislators pass Right to Work the union thugs and commie organizers will be looting their employers and there will be fewer good jobs and comfortable retirements like these.

Anonymous said...

Ironic that the successful and profitable employer that you referenced is a union shop.

Anonymous said...

Irony intended.

Just imagine how much larger the profits and golden parachutes could have been if the union had been busted back in the Reagan of Bush recessions. Just ask Rex.