Edison International to Pay No Annual Incentive to CEO, Four Most-Senior Executives
March 15 2019 - 6:44PM
Dow Jones News
By Stephen Nakrosis
The president and chief executive of energy company Edison
International (EIX) said Friday that "no annual incentive would be
paid for 2018 to me and my four senior-most executive
colleagues."
The announcement, made in a letter to shareholders from Pedro J.
Pizarro, said the Board of Director's Compensation Committee made
the decision "in consultation with management and with our full
support and agreement."
Mr. Pizarro said the decision "was not a reflection on the
performance of the company or these individuals."
Edison is dealing with the aftermath of a series of California
wildfires and the possibility it could face billions of dollars in
potential liabilities.
Mr. Pizarro said Edison International and Southern California
Edison are working "through the challenges created by the "new
normal" of California wildfires," and added that although the
company continues to progress with its clean energy strategy,
"combating wildfire threats and doing so safely is the company's
top priority."
To enhance wildfire safety and reduce the risk of future
wildfires, the letter said Edison is working to harden its grid
infrastructure, to increase its awareness of weather situations
which could heighten wildfire conditions, and to enhance operating
practices with "more proactive vegetation management, enhanced
inspections and temporary power shutoffs during high-risk
conditions."
Mr. Pizarro said the board also approved a $3 million donation
to the Edison International Wildfire Assistance Fund "to help
communities recovering from wildfires and to enhance community
resiliency and wildfire prevention and mitigation."
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
March 15, 2019 18:29 ET (22:29 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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