"Rogers earned $815,190 in 2008, not $524,589"
Correction: Duke Energy CEO compensation story
In a March 20 story about compensation received by Duke Energy's chief executive, James E. Rogers, The Associated Press erroneously reported his total pay for 2008.
Rogers earned $815,190 in 2008, not $524,589, as previously reported. The updated figure includes $290,601 in above-market interest he earned from deferred compensation.
A corrected version of the story appears below:
NEW YORK (AP) -- The chairman, president and chief executive of Duke Energy Corp. received compensation valued at $815,190 in 2008, but the company said a prorated portion of a three-year stock award he received in 2006 is worth $5.5 million, according to an Associated Press calculation of figures disclosed in a regulatory filing Friday.
James E. Rogers did not receive a base salary or bonus from the Charlotte, N.C.-based power generator in 2008.
He did receive $524,589 in other compensation, including $385,626 for personal use of the company aircraft, $35,133 for security and $45,933 to reimburse relocation costs.
He also earned $290,601 in above-market interest on deferred compensation.
Rogers, the 61-year-old former chief executive of Cinergy Corp., took over as Duke Energy's top executive after the company acquired the Cincinnati-based utility in April 2006. He added the chairman's duties in January 2007.
Rogers' primary compensation is the more than $27.1 million in stock and option awards he received as part of a three-year employment agreement signed in 2006. While Rogers is not allowed to sell any of that stock until April 2009, Duke accounted for $5.5 million of the award's expense in 2008.
The Associated Press' calculations of total compensation include salary, bonus, performance-related incentives, perks, any above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. They may vary from totals listed in the summary compensation table in the company's proxy filed with the SEC.
Duke Energy's compensation committee has established a guideline for Rogers to own shares having a value of at least 10 times the base salary of the highest-paid executive reporting to him in order to align his interests with those of shareholders.
For 2008, Duke earned $1.36 billion, or $1.07 per share, compared with $1.5 billion, or $1.18 per share, in 2007. Revenue rose to $13.2 billion in 2008 from $12.7 billion