b williamson
Bruce Williamson

The Advocate dug up some interesting tidbits in corporate filings about Cleco’s potential sale, including that its CEO Bruce Williamson's golden parachute is valued at $29 million. Those corporate filings show that the remaining top six executives could get $20 million total if the company is acquired by suitors Cleco acknowledged Monday are interested in the Pineville-based utility company. Cleco is reviewing the offers.

C Holloway 4
Clyde Holloway

Such compensation packages are common among corporations for high-level executives as part of a “change in control” provision. The Advocate reported:

Cleco said there is no guarantee the review will result in a merger or business combination. Under a change in control provision, Williamson’s compensation would include $4.4 million cash severance; immediate vesting in the Supplemental Executive Retirement Plan, a benefit valued at $11.4 million; $12.9 million worth of stock; and three years of medical coverage, valued at $523,159, according to filings with U.S. Securities and Exchange Commission.

Cleco also would buy Williamson’s house and pay his moving expenses. He would get the larger of the average appraised value or its documented cost but not more than 120 percent of its purchase price, if he moved at least 60 miles away.

On Monday Louisiana Public Service Commissioner Clyde Holloway, R-Forest Hill, called for Williamson's resignation. Read the story here.

To post a comment, please log into your IND account. If you do not have an account, click the "register" button to create one. Facebook comments can be used as an alternative to creating an account at theIND.com.

feed-image RSS Feed
Loading
Chart
ABiz Stock Watch
o Home Bancorp 22.94 ▲0.16 (0.70%)
o Frank's International 17.63 ▲0.21 (1.21%)
o IberiaBank Corp 64.60 ▲1.01 (1.59%)
o LHC Group 23.61 ▲0.40 (1.72%)
o MidSouth Bancorp 19.11 ▲0.24 (1.27%)
o Petroquest Energy 4.46 ▲0.20 (4.69%)
o PHI Inc. 40.38 ▲0.78 (1.97%)
o Superior Energy 25.63 ▲0.62 (2.48%)
o Stone Energy 24.83 ▲1.36 (5.79%)
o Facebook Inc. 79.95 ▲1.58 (2.02%)
o Twitter Inc. 50.02 ▲0.94 (1.92%)
o Gannett 31.14 ▲1.07 (3.56%)
NYSE:HBCP

Home Bancorp

Company ID [NYSE:HBCP] Last trade:22.94 Trade time:11:20AM EDT Value change:▲0.16 (0.70%)
NYSE:FI

Frank's International

Company ID [NYSE:FI] Last trade:17.63 Trade time:11:45AM EDT Value change:▲0.21 (1.21%)
NYSE:IBKC

IberiaBank Corp

Company ID [NYSE:IBKC] Last trade:64.60 Trade time:11:45AM EDT Value change:▲1.01 (1.59%)
NYSE:LHCG

LHC Group

Company ID [NYSE:LHCG] Last trade:23.61 Trade time:11:30AM EDT Value change:▲0.40 (1.72%)
NYSE:MSL

MidSouth Bancorp

Company ID [NYSE:MSL] Last trade:19.11 Trade time:11:20AM EDT Value change:▲0.24 (1.27%)
NYSE:PQ

Petroquest Energy

Company ID [NYSE:PQ] Last trade:4.46 Trade time:11:45AM EDT Value change:▲0.20 (4.69%)
NYSE:PHII

PHI Inc.

Company ID [NYSE:PHII] Last trade:40.38 Trade time:3:32PM EDT Value change:▲0.78 (1.97%)
NYSE:SPN

Superior Energy

Company ID [NYSE:SPN] Last trade:25.63 Trade time:11:45AM EDT Value change:▲0.62 (2.48%)
NYSE:SGY

Stone Energy

Company ID [NYSE:SGY] Last trade:24.83 Trade time:11:45AM EDT Value change:▲1.36 (5.79%)
NYSE:FB

Facebook Inc.

Company ID [NYSE:FB] Last trade:79.95 Trade time:11:45AM EDT Value change:▲1.58 (2.02%)
NYSE:TWTR

Twitter Inc.

Company ID [NYSE:TWTR] Last trade:50.02 Trade time:11:45AM EDT Value change:▲0.94 (1.92%)
NYSE:GCI

Gannett

Company ID [NYSE:GCI] Last trade:31.14 Trade time:11:45AM EDT Value change:▲1.07 (3.56%)
Advertisement

Economic Indicators

  • Real Estate Data
    Real Estate
     
    Rentals
     
    Commercial
     
     
  • Energy Data
    Oil
     
    Gas
     
     
  • Taxable Sales
    Register
     
  • Unemployment Rate
    Employment
     
 

Read the Flipping Paper!

Click Here for the Entire Print Version of
ABiz
 
Advertisement
Advertisement