CHICAGO (CBS) — The parent company of ComEd handed out some big pay raises for last year, after changing the way it rates executive performance.
As WBBM Newsradio’s Mike Krauser reports, Exelon chief executive officer John Rowe saw his compensation increase by nearly 50 percent to $10.7 million.READ MORE: ATM Stolen From Logan Square Currency Exchange; Two Other Attempts Reported Nearby
Crain’s Chicago Business reports the increase was a reward for negotiating the acquisition of Constellation Energy, and for winning rate hikes for ComEd in Springfield over the veto of Gov. Pat Quinn.
Most of the top executives at Exelon had similar raises, even though the stock price rose just 2 percent, Crain’s reported. That figure is far below the 14.8 percent return for the S&P 500 Utility Index.READ MORE: Chicago Weather: Friday Morning Temperatures In The Single Digits
The board says it changed its assessment of executive performance from shareholder return – which is largely dictated by energy prices – to accomplishing operational and financial goals, Crain’s reported.
Earlier this week, Northbrook-based insurance giant Allstate elected Roe to join its board.MORE NEWS: Doggy Daycare Owner Appalled After Cook County State's Attorney Declines To Prosecute State Inspector Jose Guillen, Who Was Caught On Camera Groping Her
LISTEN: WBBM Newsradio’s Mike Krauser reports