Ameren CEO Gets 2008 Compensation Of $4M

By MARK WILLIAMS

COLUMBUS, Ohio (AP) — Gary Rainwater, chairman, president and chief executive of the utility Ameren Corp., received a compensation package of $4 million in 2008, down 16.5 percent from the previous year, according to a filing with the Securities and Exchange Commission.

Rainwater, who is stepping down after five years as the company to executive to become executive chairman on May 1, had received a total compensation package of $4.8 million in 2007.

The St. Louis-based company has slashed its dividend for 2009 along with its capital and operating budgets because of the weak economy.

Rainwater received a salary of $935,000 plus performance-based pay of $771,656 last year.

His pay package also included stock options worth $2.2 million when awarded in February 2008. Like many other utilities, Ameren's stock price has fallen considerably in the past year, declining by 37 percent in 2008 and 40 percent so far this year.

Thomas Voss, CEO of AmerenUE, the company's Missouri utility, will succeed Rainwater as president and CEO.