“As a result of the establishment of the 2011 SERP and the execution of Mr. Rigby’s employment agreement in December 2011 … the net present value of Mr. Rigby’s accumulated benefit under the 2011 SERP as of December 31, 2011 increased by $2,008,412,” the company stated in SEC forms.
James Adams, communications director for Our DC, an advocacy group that has protested Pepco, said the company’s executive compensation “represents a moral fracture you see in so many boardrooms where private citizens and average workers are excluded from the process.”
Mr. Rigby has spent more than three decades at Pepco, serving as chief executive and president since 2009. His most recent employment contract began days after the Maryland Public Service Commission announced a $1 million initial fine against Pepco.
The commission announced in December that Pepco “failed to maintain its system properly over a period of years; that those failures subjected to customers to excessively high frequencies and long durations of electric outages during storm evens and on fair-weather days, and that Pepco compounded those reliability problems through poor customer communication.”
“We are very focused on the work we are doing to ensure that our customers have reliable power service,” Mr. Rigby said. “While we do not agree with the commission’s decision and we believe it is harsh, we have heard our customers loud and clear and our total commitment is to upgrading our system.”
The company also said at the time that it had been working on a plan for more than a year to improve reliability and restore power faster.
By Tuesday, Pepco said it had restored power for three out of four outages after Friday’s storm that initially left 443,000 customers without electricity.
Mr. Barry, who said his home and office phone have been ringing with calls from constituents still without electricity, said he told Pepco officials that the Congress Heights neighborhood where he lives always seems to lose power before other neighborhoods.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
Jim McElhatton is an investigative reporter for The Washington Times. He can be reached at firstname.lastname@example.org.
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