South Carolina utility won't pay former executives severance
Source: Associated Press
Updated 5:01 pm, Sunday, January 7, 2018
COLUMBIA, S.C. (AP) — There will be no golden parachutes for executives of a South Carolina utility that's struggling after sticking consumers with higher bills for a failed nuclear reactor expansion.
Directors of SCANA Corp. decided against awarding severance packages potentially worth tens of millions of dollars to former chief executive Kevin Marsh and operations chief Steve Byrne, multiple media organizations reported.
"This decision is in the unique context of the abandonment and the company's responsibilities to our ratepayers and shareholders," SCANA spokesman Eric Boomhower wrote in email Friday. The company thanked the men, who stepped down last month, for their years of service.
The scrapped effort to expand the V.C. Summer Nuclear Station north of Columbia has left the nearly 720,000 electricity customers of SCANA's electricity subsidiary South Carolina Electric & Gas paying a collective $37 million a month. Marsh and Byrne announced their retirements on Oct. 31, three months after the July decision.
Read more: http://www.chron.com/news/us/article/South-Carolina-utility-won-t-pay-former-12479978.php
