Dive Summary:
- New York’s Gov. Andrew M. Cuomo is freezing Con Edison's executive bonuses until ConEd can assure regulators the $600,000 rewards won’t increase customer rates.
- CEO of ConEd Kevin Burke must return a $315,000 bonus that the board of directors awarded him for handling the Hurricane Sandy response. (Burke’s total salary is $7.4 million.)
- The Gov. convened a panel to investigate how Con Edison and other utilities prepped for Sandy and facilitated storm restorations.
From the article:
“After careful consideration, I have decided to return the special bonus granted by our compensation committee, and funded by shareholders, for handling very challenging events in 2012,” Mr. Burke said in a statement. “I continue to commend the work of all of our employees.”