An energetic send off!

April 15, 2004

Xcel Energy (XEL) , a Minneapolis-based company on the S&P 500, gave one of its senior offices one heck of a send off when he resigned last August, according to its recent proxy. James T. Petillo, who is known as Tom, received a $2 million severance payment from the company. Combined with other parting gifts, the total added up to $2.8 million for the former president of energy delivery. That’s quite a chunk of change considering that in 2002, his last full year of employment, Petillo only made $345,000. The Petillo payout was also more than the $2.3 million Xcel Chairman and CEO Wayne Brunetti took home last yearn (Brunetti’s salary of $1.1 million was the same in 2003 as in 2002, but last year, he received a $1.2 million bonus). Xcel first disclosed the severance agreement back in October in an obscure S-4 filing, instead of a K or Q where most companies disclose severance agreements with senior officers.

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