PNM Executives Paid Millions in Incentive Pay in 2011
Top officials at the Public Service Company of New Mexico were paid $2.26 million dollars. Nearly half of that went to President and CEO Pat Vincent-Collawn on top of her $575,000 annual salary.
From the Albuquerque Journal:
Executive Vice President and Chief Financial Officer Charles Eldred received a $400,000 salary in 2011 and $486,240 in incentive pay. Senior Vice President and Chief Administrative Officer Alice Cobb, who left the company at the end of the year, had a salary of $300,000 and incentive pay of $311,770. Senior Vice President and General Counsel Patrick Apodaca made a salary of $260,000 and received $318,677 in incentive pay. Vice President and Controller Thomas Sategna, who was not affected by the freeze because he is not a senior executive, had a salary of $235,201. He received $148,302 in incentive compensation.
PNM says the incentive payments are due to increases in the the company's business performance and came from shareholders, not rates paid by customers.