Off Peak
January 15, 2003
Giving Up the Corner Office
Fortnightly looks back at 2002's Golden Executive Parachutes. We wish them good luck on the golf course.
Doing It Without Chuck (who made do with a $33 million severance package)
"The real leaders are those that figure out how to get things done beyond what they could get done themselves."
-Chuck Watson, former chairman and CEO of Dynegy
Green With Envy: Rationalization and a $7.6 million severance package
"We always like greater clarity in their ratings process. But we've worked closely with them [credit ratings agencies] and will continue to do so and have no significant issues in that regard. I think it's a normal and healthy rationalization in an industry after a bull run and a lot of investment."
-Robert Green, former CEO of Aquila
Padewer extracts "extrinsic" $2 million to $3 million
"One of the issues that separate the pure plays and people like Duke is that a pure play generator-that doesn't have strong trading operations and doesn't understand the markets in a way a trading company does-can't extract that extrinsic value, by definition."
-Harvey Padewer, former Duke Energy Group President, Energy Services
McCormick gets $4 million mountain of cash
"If Congress doesn't vote to over-ride Nevada's veto of the president's Yucca Mountain designation, then an entirely new site search and study process would begin-an unacceptable option."
-William T. McCormick Jr., former chairman and CEO of CMS Energy
Sources: Public Utilities Fortnightly,Yahoo! Finance, corporate proxy statements and press statements.
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Public
Utilities Fortnightly & Spark
