Dominion Energy reduces CEO’s cash payout based on long-term achievements
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Dominion Energy's CEO, Robert Blue, fell short of earning more than $4 million in cash due to the utility's underperformance in shareholder return and operating profit from 2022 to 2024. Blue received only $438,240, which is 9% of the nearly $5 million target payout. The company revealed this information in a filing with the U.S. Securities and Exchange Commission. Dominion's low shareholder return over the three-year period resulted in no payout in that category, which made up 50% of Blue's performance-based compensation. The company's stock dropped by 21% during this period, causing investor confidence in the management team to decline. Despite challenges, Dominion took steps to reduce its debt, such as selling its stake in the Cove Point LNG plant to Berkshire Hathaway for $3.3 billion. Dominion anticipates a rise in electricity sales with the construction of more data centers in Virginia. Blue did not receive any long-term performance pay related to the cumulative operating profit target. The company's renewable energy generation surpassed the minimum target, even though fewer solar projects were completed than expected. Blue received a portion of the total target cash payout based on these results.

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