Business & Tech
After Sandy, Con-Ed Execs Receive Big-Time Bonuses
The company says the bosses deserve bonuses for handling "significant challenges" during last year's superstorm
Four top executives at ConEdison split $614,000 in bonuses and millions and stock and pension benefits for the significant challenges the team faced and overcame in the wake of Superstorm Sandy last year, reports the New York Post.
“Those challenges included a series of extreme weather events,” including “Superstorm Sandy, the most destructive storm in the history of the Company’s service area,” Con Ed said in papers, which surfaced yesterday.
The ConEd bosses split more than a half-million in bonuses, while CEO Kevin Burke received the lionshare—a $315,400 bonus— lifting his salary to $1.53 million.
“Our executive compensation is in line with that of similar-sized utilities and is intended to help attract and retain key executives,” Con Ed said in a statement.
Con Ed workers were outraged, the paper reported.
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