UIL Holdings Executives Get Pay Hikes
For example, I'm willing to bet that most of the 30 or so UIL Holdings stockholders who attended the company's annual meeting on Tuesday had no idea that some of its top executives had gotten base pay increases that ranged from 3.5 percent to 9.3 percent. But in 8-K filing that the company made with the SEC back on March 27th, those UIL pay increases were detailed for all to see:
- Richard Nicholas, executive vice president and chief financial officer, got a $30,000 increase in pay. The $375,000 he now makes represents a nearly 8.7 percent increase.
- Robert Allessio, the vice president of the utility holding company's natural gas operations, received a $9,000 increase in base pay. Thanks to the 3.5 percent increase, he's now earning $262,000.
The pay increases took effect April 8th and were approved by the Compensation and Executive Development Committee of UIL Holdings' Board of Directors on March 23rd.