Xcel Energy CEO earns $5.6M in 2006

Xcel Energy CEO earns $5.6M in 2006

	Published : Wed, 18 Apr 2007 21:46 By : Agencies Print this Story

NEW YORK (AP) - Xcel Energy Inc. Chairman, President and Chief Executive Richard C. Kelly received 2006 compensation the utility holding company valued at $5.6 million, according to its annual proxy statement.

Kelly, 60, received $1.1 million in salary, $288,474 in bonus, $1.4 million in non-equity incentive plan compensation and $121,510 in 'other' compensation, including accrued vacation pay and reimbursements for taxes on personal benefits.

He also received performance shares and performance-based restricted stock units the company valued at $2.7 million on the day it granted them last year.

The Associated Press' calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

In 2006, Xcel Energy's full-year earnings after preferred dividends grew nearly 12 percent to $567.5 million, or $1.36 per share, from $508.7 million, or $1.23 per share, in 2005. Annual operating revenue rose to $9.84 billion from $9.63 billion.

Also in its proxy filed with the Securities and Exchange Commission, Xcel Energy said a shareholder is proposing that the roles of chairman and chief executive be split whenever possible.

The Minneapolis-based company urged shareholders to reject the proposal, saying it believes one person should hold both positions, except in leadership transitions or other unusual circumstances, because it helps to provide unified leadership and direction.

Another shareholder, the Sheet Metal Workers' National Pension Fund, is asking that executives receive bonuses only when the company's performance exceeds its peers' average performance on selected financial measures, among other compensation suggestions.

Xcel's board asked shareholders to also reject the proposal, saying it bases compensation on other factors besides financial measures, such as environmental and safety goals. For environmental goals, the board said external benchmarks may not be available or comparable to the company's operations.

Xcel Energy shares fell 10 cents to close at $24.65 on the New York Stock Exchange.