Wisconsin Energy CEO 2008 Total Compensation $8.3M

SANDY SHORE

DENVER (AP) — Wisconsin Energy Corp.'s top executive received total compensation valued at $8.3 million for 2008, up 14.6 percent largely due to an increase in stock and option awards, according to an Associated Press analysis of a regulatory filing.

Gale E. Klappa, Wisconsin Energy's chairman, president and chief executive officer, received stock and option awards valued at $4.6 million when granted in January 2008, a 21.6 percent increase from 2007, according to a Securities and Exchange Commission filing on Thursday.

The Milwaukee-based utility's stock price fell 12 percent in 2008 as the recession led to an overall decline in retail electricity sales. The options granted to Klappa in 2008 have an exercise price of about $48, above the stock's current price of around $41.

In 2008, Klappa received $1.13 million in base salary, $2.3 million in performance-based bonuses and $261,040 in benefits such as insurance and retirement contributions.

The previous year, he earned $1.1 million in base salary, $2.2 million in performance-based compensation, $223,749 in benefit compensation and stock and options valued at $3.8 million when granted in January 2007.