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California

PG&E CEO's Pay Jumped Last Year

March 18, 2004|From Bloomberg News

PG&E Corp., owner of California's largest utility, more than doubled the compensation of Chief Executive Robert Glynn Jr. last year to $19.7 million, including stock options.

Glynn, 61, received almost $1.1 million in salary, $9.9 million in stock and cash for an executive retention plan, $3.1 million in retirement annuities and travel perks and nearly $2.2 million in restricted stock, according to proxy materials filed with the Securities and Exchange Commission.

Last year, Glynn also received stock options on 486,000 shares the company valued at $2.8 million, and $666,050 in a defined retirement plan. In 2002, the CEO received compensation totaling $7.4 million, including nearly $1.1 million in salary and a $787,500 bonus.

Glynn led San Francisco-based PG&E's Pacific Gas & Electric through a three-year debt restructuring that the company expects to allow it to exit bankruptcy protection next month. The utility amassed $13 billion in debt during California's 2000-01 energy crisis.

Shares of PG&E rose 96 cents to $29.32 on the New York Stock Exchange.

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