In his final year leading Northeast Utilities, Chuck Shivery saw a 17 percent increase in pay thanks to added compensation he received in seeing through the company’s merger with Boston-based NStar, with Shivery now chairman of the combined company.
Northeast Utilities calculated Shivery’s compensation at $9.6 million, not including $1.6 million in the form of shares of stock awarded in previous years that vested this past year.
Shivery endured a tumultuous final year with the company, with swaths of Connecticut blacked out for extended periods in the wake of Tropical Storm Irene and the October 2011 nor’easter, and Shivery hospitalized following a heart attack in January.
Northeast Utilities, which now lists dual operating headquarters in Hartford and Boston, scheduled a special meeting of shareholders in lieu of a traditional annual meeting for Oct. 31 at 2 p.m. in Springfield, Mass.
Shareholders will have the opportunity to vote on a non-binding “say on pay” resolutionĂ‚Â to approve the compensation paid to the company’s executives, and the company’s incentive plan adopted in 2009.
