Millions of Con Ed’s customers suffered during Hurricane Sandy, but its bosses have gotten a big-bucks pat on the back for their response to the disaster.
Four top execs — including CEO Kevin Burke — split $614,400 in bonuses, which the company claims they deserved for handling “significant challenges” last year, a Con Ed proxy statement to shareholders reveals.
“Those challenges included a series of extreme weather events,” including “Superstorm Sandy, the most destructive storm in the history of the Company’s service area,” Con Ed said in papers, which surfaced yesterday.
Burke scored a $315,400 bonus, lifting his salary to $1.53 million. He got no bonus the prior two years.
Craig Ivey, president of the Con Ed subsidiary that provides gas and power to New York and Westchester, got a $146,100 bonus, bringing his pay to $830,183.
Chief Financial Officer Robert Hoglund got a $82,900 bonus that boosted his pay to $721,300, and the utility’s general counsel, Elizabeth Moore, got a $70,000 bonus that took her pay to $609,142.
All four also got millions more in stock and pension benefits.
“Our executive compensation is in line with that of similar-sized utilities and is intended to help attract and retain key executives,” Con Ed said in a statement.
Con Ed workers were outraged.
“It’s ludicrous,” said Jim Slevin, a vice president of Local 1-2 of the Utility Workers Union of America. He added that Burke “should be serving the public rather than lining his pockets.”