Xcel Energy chairman and chief executive Richard Kelly took a 12 percent pay cut in 2010, earning $10 million compared with $11.3 million in 2009, according to regulatory filings made this week.
The reduction was mainly due to a 40 percent decline in the performance of Kelly’s pension plans, which gained $2.9 million last year.
Kelly’s base salary was up 2 percent to $1.2 million, his bonus climbed 29 percent to $500,000, his stock awards rose 13 percent to $3.8 million, and his nonequity incentive-plan compensation fell 4 percent to $1.5 million.
Total compensation for Xcel’s next three highest-ranking officers — Benjamin Fowke, president and chief operating officer; David Sparby, chief financial officer; and Michael Connelly, general counsel — rose 26 percent in 2010 to $9.2 million.
Minneapolis-based Xcel is the parent of Public Service Company of Colorado. Greg Griffin, The Denver Post
