James P. Torgerson, chief executive of The United Illuminating Co. and its parent company, took home more money last year than he did in 2012, according to regulatory filings.
In 2013, Torgerson made $3.8 million in his salary, incentive pay, stock awards and other compensation, a category that includes pay for unused vacation, financial planning services, and a parking allowance. He made $2.4 million in 2012.
In addition to his pay last year, the company awarded Torgerson, 61, stock awards that at their current value are worth more than $1.5 million. The ultimate value of the stock awards will depend on how well the company's stock performs, and they will only vest if certain financial targets are met.
United Illuminating, the second largest electric distribution company in Connecticut, serves about 325,000 customers in the greater New Haven and Bridgeport areas. It is a division of UIL Holdings Corp, which also owns three natural gas distribution companies: Connecticut Natural Gas, Southern Connecticut Gas and Berkshire Gas.
From Jan. 1 to Dec. 31 last year, UIL Holdings' stock increased 10.2 percent, during which time the Dow Jones Industrial Average rose 28 percent. Revenue increased 8.9 percent for the year, and net income rose 7.1 percent.
The details were contained in UIL Holdings' preliminary proxy statement filed with the U.S. Securities and Exchange Commission on Tuesday in advance of a shareholder meeting in May, where votes will be conducted on the election of directors, the company's executive compensation packages, auditor approval and other proposals.
The filing also listed compensation for other key company executives:
— Richard J. Nicholas, chief financial officer, made $1.26 million, not including $456,000 in stock awards that will provide value in the future and depend on the company's performance.
— Linda L. Randell, general counsel, made $1.13 million, not including $301,000 in stock awards that will provide value in the future and depend on the company's performance.
— Steven P. Favuzza, controller, made $618,539, not including $112,000 in stock awards that will provide value in the future and depend on the company's performance.
— John J. Prete, senior vice president of electric operations, made $665,969, not including $186,000 in stock awards that will provide value in the future and depend on the company's performance.Copyright © 2014, The Baltimore Sun