Wednesday, March 16, 2016
Empire District Electric CEO has $10 million plus golden parachute
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: