CMS Energy Chief Got $4.2M In 2008 Compensation

NEW YORK (AP) — Utility company CMS Energy Corp. raised its chief executive's total 2008 compensation about 7 percent, according to an Associated Press calculation of figures disclosed in a filing with the Securities and Exchange Commission.

CEO David Joos received a pay package worth $4.2 million, compared with the $4 million received in 2007, but the bulk of that rise came from a 12 percent bump in restricted stock awards, which have fallen in value as the natural gas and electric utility's stock has slipped slightly since the awards were granted.

These stock awards were valued at $2.2 million when they were granted Aug. 6, 2008. Since then, shares of CMS Energy have fallen 11 percent.

Joos, 56, saw his salary climb 4.5 percent to $1.05 million, compared with $1 million in 2007. He received $971,850 in a performance-based bonus, up 1 percent from last year. The company gave Joos $47,705 in "other" compensation, which included $29,340 in contributions to a deferred compensation plan, $8,280 in contributions to Joos' savings plan and $10,085 related to life and disability insurance payments.

Joos has served as president and CEO since October 2004, and previously served as president and chief operating officer from 2001 to 2004. Compared with the other five officials listed in the filing, Joos is the highest paid executive at the Jackson, Mich.-based company.