"Northeast Utilities’ Tom May earned $7.6m" by Erin Ailworth | Globe Staff February 28, 2014
Northeast Utilities chief executive Thomas J. May last year received an increase in salary, stock awards, and cash incentives, but his overall compensation declined from 2012 because of how public companies account for the value of executive pensions.
Under federal rules, companies must report the changes in pension value each year as part of executive compensation. Last year, the value of May’s pension didn’t change after appreciating $1.2 million in 2012. As a result, May’s reported compensation decreased nearly four percent in 2013 to $7.7 million from nearly $8 million in 2012, according to a regulatory filing.
Related: Feels Like a Nice $pring Day
Still waiting for one here on May the 6th.
May’s compensation became an issue last year when Northeast Utilities filed an annual report for 2012 that included only nine months of pay for May. It excluded his earnings for the three months he served that year as chief executive of NStar — before the Boston utility completed its $17.5 billion merger with Northeast Utilities and May became chief executive of the combined company....
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