Shattuck pledges $5 million-$10 million if FPL merger approved
By Paul Adams
Originally published May 2, 2006
Constellation Energy Group's chief executive, who critics charge is getting rich at the expense of Maryland power customers, has pledged to give millions of dollars in merger-related compensation to a charitable foundation if the company's marriage to a Florida utility owner wins approval, regulatory documents filed yesterday show.
The funds that will be donated - estimated at between $5 million and $10 million - amount to a small part of the millions in stock compensation that Mayo A. Shattuck III has received over several years as Constellation's top executive. He also stands to gain potentially tens of millions of dollars in stock and other compensation if the merger goes through.