Pepco Holdings Executive Gets $4.3M Pay Package

WASHINGTON (AP) — Dennis Wraase, the retiring top executive of utility and power generator of Pepco Holdings Inc., saw his total compensation package decline 4 percent to $4.3 million in 2008, according to an Associated Press calculation of figures disclosed in a regulatory filing.

But about a third of the compensation package came in the form of stock options that currently have little value absent a major jump in the company's stock price.

Wraase, who stepped down as CEO on March 1 and will retire as chairman at the company's annual meeting on May 15, received a salary of $1.1 million and performance-based bonuses of $968,400 for 2008, according to the filing with the Securities and Exchange Commission on Wednesday. His salary for 2007 was $1 million and his bonus totaled $1.1 million. ...