Exelon CEO’s pay rises 14%

By Julie Wernau
Posted Feb. 10 at 4:29 p.m.

Exelon CEO John Rowe saw his total compensation for 2010 rise 14 percent to $7.2 million, according to documents filed today with the Securities and Exchange Commission, an increase largely tied to a change in the theoretical value of his pension.

Rowe had the opportunity to earn stock performance awards worth $1.1 million — compensation that is directly tied to the performance of Exelon stock. But the company’s shares performed in the negative direction in 2010 and Rowe received no equity for performance.

At the same time, stock options worth $1.15 million were underwater at the end of 2010.

Rowe — who is eligible to receive his pension but has an employment agreement with Exelon that runs through 2012 – saw a change in the theoretical value of his pension of $2.9 million, compared to $173,566 in 2009. His ultimate pension value will be calculated when he retires.

Exelon’s operating earnings of 2010 were $4.06 per share compared with $4.12 per share reported in 2009, better than expected. In anticipation of lower earnings for 2010 – which the company says are largely the result of cheaper wholesale electricity driven by low-priced natural gas — Exelon took steps to reduce compensation last year, including freezing executive salaries, reducing bonus payouts and reducing long-term incentive awards for executives by a third.

The company said Exelon will return to market-competitive compensation levels in 2011.

In 2010, Exelon said, Rowe and his wife Jeanne Rowe made donations worth $4 million to 82 organizations, including the Field Museum of Natural History, Chicago History Museum, Illinois Institute of Technology, Big Shoulders, Illinois Holocaust Museum & Education Center, El Valor, Greater Chicago Food Depository, Misericoridia Heart of Mercy Center and United Way of Metropolitan Chicago. Also, in 2010, the Rowes donated $1 million to the Rowe-Clark Math and Science Academy in West Humboldt Park to help fund a gymnasium for those students and students from 10 west and south side charter schools.

Their contributions represent a 21 percent increase in charitable giving over 2009.

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24 comments:

  1. doodahman Feb. 10 at 4:48 pm

    Hey, he’s great at handing out some of the money he takes from out. I am sooooooooooo impressed.

  2. traveler2 Feb. 10 at 4:54 pm

    And the tax payers and our federal government give them huge tax breaks every year. The Republicans continue this blocking bills to stop tax breaks for big oil. The people of this country should be in the streets demanding the Republicans quit giving away our money to the rich.

  3. tom Feb. 10 at 5:04 pm

    What a nice guy. He, and the legislature he owns, arrange for him to get yearly raises and “earn” $7.197 million a year more than the average worker, and he finds in in his heart to give our money to charities (while taking credit for it himself). Not bad for a state licensed monopoly. When I lived in Florida (Tallahassee & Gainesville) we had municipal utilities that a) delivered electricity at low costs & b) had managers who made a reasonable salary.

  4. Glen Feb. 10 at 5:14 pm

    …..and ComEd customers are in for one pending rate hike of $396M and another proposed hike to upgrade transmission lines. John Rowe eats lobster and we get to watch him wipe his mouth when he’s done.

  5. sharko Feb. 10 at 5:15 pm

    I want to know how much he pays in taxes. By the time his money gets filtered through the Cayman Islands, Luxemborg, and the Dominican Republic, then jiggled around by some talented accountants, I’ll bet it’s next to NADA!

  6. JIM Feb. 10 at 5:15 pm

    A monopoly that never gets turned down at the ICC rate board, truly disgusting.

  7. Glen Feb. 10 at 5:18 pm

    Oh, I almost forgot the $1.39 Billion in dividends paid last year (and future years) to Exelon shareholders to keep

  8. Hey! Where’s MY 14% raise?

    Oh, I forgot … my raise this year (and the past 3 years for that matter) was ZERO, **AND** this year I get to give an extra 2% of my non-raise to Quinnochio.

    Gee, I’m so smart: I just figured out that I took a PAY CUT just be living in Illinois. Darn it all, ain’t I the lucky one?

  9. Glen Feb. 10 at 5:23 pm

    Oh, I almost forgot the $1.39 Billion in dividends paid last year (and future years) to Exelon shareholders to keep THEM happy so they don’t dump their stock thus lowering the bond ratings and Exelons standing in the institutional investing community. Screw the customer, it’s all about US.

  10. Mary Feb. 10 at 5:27 pm

    And ComEd is asking for another rate increase? Get it from Rowe! He can afford the rate hike. The rest of us are struggling to pay our bills.

  11. yibbi Feb. 10 at 5:59 pm

    14% pay raise. Wow.

  12. sue0188 Feb. 10 at 6:34 pm

    How unethical and immoral. I don’t care that he is donating this much money. He should be with the salary he is making. He should not be receiving salary increases out of line with the rest of the employees in his corporation. This is totally disgusting and what is wrong with this country in general.

  13. JP Feb. 10 at 6:46 pm

    Blah, blah, blah. Give me a break. This is a publicly owned company that generated $19 BILLION in revenues last year. $7.2 million in compensation is not out of line for the CEO. In fact, think about all of the state, federal and sales tax that he contributes…not to mention the many charities he supports. If you don’t like it don’t by Exelon’s stock.

  14. Marguerita Johnston Feb. 10 at 6:55 pm

    Count on it, there’s always a tool (JP) chiming in, justifying yet another absurd, avaricious compensation package.

  15. JeanSC Feb. 10 at 7:01 pm

    Maybe he should give a big donation to IDES so unemployed Illinoisans can make ends meet until we can get jobs again. Maybe he should give us money to bribe employers to hire us, since judging from what they say about us in the media, they really want us to be unemployed the rest of our lives. Certainly, the employees fixing the electric service after storms and other outages deserve pay raises more than the CEO.

  16. Jim Feb. 10 at 7:03 pm

    Calm down there, Marguerita. Your people get theirs when ComEd sells debt using minority bankers just cause.

  17. Marguerita Johnston Feb. 10 at 7:14 pm

    @Jim: “My people?” Care to elaborate? Careful now.

  18. Lee Farmington farmington NM Feb. 10 at 8:14 pm

    Based on Stock price that went down in value ?Never saw him out there when the Storms hit or transformers explode Or lines down from snow yet HE GETS 17%increase and a pension boost! the real workers?Layoffs paycuts no raises longer hours cut in pensions

  19. Lee Farmington farmington NM Feb. 10 at 8:16 pm

    If you read closely Comp tied to Stock proformence which tanked so they the Board of Misdirectors Gave him a pension boost can’t lose for trying

  20. Lee Farmington farmington NM Feb. 10 at 8:23 pm

    If you read the stock report He and Wife didn’t give that Money Exelon gave it in their names you the rate payer gave it to charites yet he claims it and if He and wife did give than Exelon reimbursed them
    Read the Stockreport and you’ll see the same for Board of Misdirectors
    they attach their names to a charity while Corp Makes the gift

  21. Lee Farmington farmington NM Feb. 10 at 8:26 pm

    don’t we do this with School superindents Last years boost the Pensions no the take home pay that’s subject to tax yet pensions that are tax free in some States Allow them to move to “SUNSHINE States and get a new job there

  22. Scott Feb. 10 at 9:03 pm

    What no one blaming the unions? I don’t get it. And to JP, you’ve got to be kidding that he deserves this much. A rate hike is sure to follow so we can help pay for this. Add the NFL to this list. Guys make millions of dollars a year or over years to play a sport and they are talking about not playing next year because they don’t get there fair share? I don’t get it.

  23. Tom New Lenox Feb. 10 at 9:19 pm

    It’s about time. I have never understood how a newspaper that is going broke can constantly ignore this type of story. What are other executives making at utilities? What kind of raises did their union empoyees get this year and past years? What kind of “cadilac” health insurance do they have? What kind of retirement sweet heart deals do they have? Most people that still have jobs have made concesions to their employers when business is hurting. Most of us are susceptible to the ups and downs of our economy. Why does that not work for government and government controlled utility employees? If the Trib wants to make money, start looking out for your subscribers and not for your own dirty little secret of unionized reporters and your own sweetheart deals. The media in this city and country is a disgrace!

  24. bob Feb. 11 at 7:03 a.m.

    This guy gets to much money beiing a annuitant who worked in construction with com ed ,This kind of pension makes me sick
    The little guy that keeps the lights on in all weather gets the crumbs that feel to the floor,they even have taken away the annuitants cost of living raise for the last two years and the rich get richer