Odd changes in Entergy’s J. Wayne Leonard’s compensation package according to the April 14 issue of Forbes.
I’ve been so busy worrying about the accident at Japan’s Fukushima reactor, that I almost forgot about Vermont Yankee and all the doins here in Vermont. Although I haven’t forgotten that VY is the same age and make as Fukushima.
An out-of-state friend was reviewing the compensation packages for utility execs in Forbes magazine and sent me this little gem today, and I just had to share it with Vermonters since the state is also being sued by Entergy.
Total Compensation
$18.12 mil
5-Year Compensation
$101.96 mil
Education:
College: Ball State University BS ’73
Graduate School: Indiana University MBA ’87J Wayne Leonard has been CEO of Entergy (ETR) for 12 years. Mr. Leonard has been with the company for 13 years. The 60 year old executive ranks 2 within Utilities
Leonard also ranks 65 in compensation compared with other corporate execs. Wow.
In 2009, the Vermont Yankee Public Oversight Panel recommended that Entergy Nuclear Vermont Yankee (ENVY) buy a new condenser for its reactor. Well, actually ENVY’s own staff recommended that VY needed a new condenser all the way back in 1999. ENVY has claimed it does not have the $100 Million needed, but they did have the $100 Million to pay out over 5 years in a special compensation package for Entergy CEO J. Wayne Leonard!
Wow – Leonard could buy VY its condenser and still have more than $1 Million in compensation. Leonard could make a significant donation and ease VY’s reliability issues and still be left with a pretty hunk of change. Of course, he still couldn’t change VY’s Fukushima Mark 1 BWR design.
When your compensation is tied to the profit and loss sheet, you make damn well certain to ride every component straight into the ground before replacing it.
Hang the risk factor! That’s for the actuaries to worry about.
The CEO MUST be paid obscene amounts of money.
Besides, when VY explodes, Entergy won’t have to pay one thin dime. The evacuation of Mass, NH and Boston will be covered 100% by the US taxpayers!
It’s win-win!
Always remember, folks, private enterprise is ALWAYS more efficient than government! If government were in charge of VY, then not only would VY have it’s replacement condenser, but a CEO would be out $100M! And that is a travesty!