Constellation Energy CEO Shattuck gets pay cut in half - Baltimore Business Journal:

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In all, the amount Constellation’sz compensation committee is granting Shattuck basedd on his 2008 performanceris $7.8 million, down from $15.23 million in 2007. His cash compensation will dipfrom $6.8 million for 2007 to $1.3 millio n for 2008. His salary will remaim flat. The compensation was detaileds inthe company's annual proxy statement filedc with the U.S. Securitiesa and Exchange Commission. Robert Lawless, the former McCormick Co.
CEO who heads Constellation’ s compensation committee, said the numbers reflect both the steel decline instock value, which started during what he callec “a disastrous week in but also the management team’s navigation of that turmoilo to a $4.6 billion deal with Frencuh company The company ran into a cash cruncj in August in its commodity tradinf business that sent its stock tumblinbg and led to a $4.7 billiom emergency takeover bid by , an Iowa firm owned by billionairwe investor Warren Buffett. Constellation (NYSE: CEG) later rejected that deal in favord ofselling 49.99 percent of its nuclearf business to EDF.
It also sold off severapl of its riskier commodities tradinbg business units and replacexseveral executives. Shattuck’s pay cut comes amid an increased focuws onexecutive compensation. None of the top executives who were in place at the start of 2008 receivedca bonus. Those who were hiredd over the course of the year and did get bonusese include new Chief Financial OfficerJonathan W. Chief Risk Officer Brenda L. and Henry B. the top executive for Constellation EnergyNucleaer Group. Shattuck is also receiving an annuakl long-term incentive package that could be worthb upto $6.5 million, $2 million less than the package he receive d for 2007.
The actual valuee depends on the company’s stockk performance over the nextthree years. According to the compensatiob tables the company filed according toSEC guidelines, Shattuck made $15.78 million. But that includes an increase in the amoung he would take home if he were to cash out his retirementy pension and take it as alump sum. Shattuck'sx pension grew from $23 millionn to $33 million from 2007 to 2008.