RALEIGH – Bill Johnson, thrust into the role of chairman and chief executive officer at Progress Energy when his mentor and predecessor died, could receive more than $1.7 million in salary plus more than double that amount in stock at his new job.
In a Securities and Exchange Commission filing released Monday, Progress Energy said Johnson would receive an annual salary of $950,000 plus bonuses and stock. The salary is retroactive to Oct. 12 when Johnson was named to replace Robert McGehee.
McGehee, the dynamic 64-year-old CEO and chairman of Progress, died after suffering a stroke on Sunday during a business trip to London. Johnson was a top deputy to McGehee and widely rumored to succeed him. McGehee had planned to retire in 2008.
The organization and compensation committee of the Progress board approved Johnson’s compensation packaged on Dec. 11.
In addition to his salary, Johnson is eligible to receive an “ annual incentive award” equal to 85 percent of his base salary.
Johnson also will receive restricted stock up to 117 percent of his salary and share grants equal to 233 percent of his base salary.
The total compensation package could top $3.5 million.