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Following energy issues in the state of Connecticut and beyond.

Tuesday, May 15, 2012

UIL Holdings Executives Get Pay Hikes

If you're an investor and you're not looking at a company's filings with the federal Securities and Exchange Commission, then you're missing out on a lot.

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:

- James Torgerson, president and chief executive officer (shown at left), got a 5.1 percent base pay increase from $675,000 to $710,000.

- Tony Vallillo, executive vice president and chief operating officer (shown at right, saw his base pay increase from $430,000 to $470,000, a 9.3 percent pay hike.

-  Linda Randell, the company's senior vice president, general counsel and chief compliance office, got a $16,000 bump in pay, which represents an increase of nearly 5.1 percent. Randell, shown at left, now makes $330,000 in base pay annually.

- 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.

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