GOV. CUOMO PUTS LIGHTS OUT ON CON ED'S EXECUTIVE BONUSES DUE TO PERFORMANCE DURING HURRICANE SANDY

Gov. Cuomo and CEO of Con Edison Kevin Burke in happier times..

Under continued pressure from Gov. Cuomo, three more top execs at Con Edison agreed to relinquish hefty bonuses as the state launched a probe into the payouts.
The turnabout followed a threat by Gov. Cuomo to investigate Con Ed for awarding the bonuses following the utility’s poor performance during Hurricane Sandy.

Cuomo sent the utility a letter on Monday saying he was ordering an investigation into the bonuses that totaled $614,000 for four utility executives, including CEO Kevin Burke.
Hours after Cuomo’s warning shot, Burke, who scored a $315,400 bonus that lifted his salary to $1.53 million, said he changed his mind.

“After careful consideration, I have decided to return the special bonus granted by our compensation committee, and funded by shareholders, for handling very challenging events in 2012. I continue to commend the work of all of our employees,” he said in a statement.
The company said the four deserved the bonus pay for the “significant challenges” they handled last year, which included the storm and a labor dispute.


Sign on the lawn of angry homeowner who was left without power for a month.

Yesterday, Cuomo called on the others to follow suit, which they did. “I have asked Con Edison to freeze the remaining executive bonuses until the Public Service Commission review is complete. I also urge Con Ed to fully cooperate with the Public Service Commission’s review so we can ensure ratepayers are protected.”
A Con Ed spokesman said the other three decided to return the bonuses on Monday night — before Cuomo specifically asked them to — but that they hadn’t announced it yet.
Spokesman Chris Olert said the utility has been fully cooperating with investigations into its response and preparedness.
Craig Ivey, president of the Con Ed subsidiary that provides gas and power to New York and Westchester, got a $146,100 bonus that would have brought his compensation up to $830,183.