Constellation Energy’s top executive may be on the job awhile longer.
Mayo Shattuck, Constellation’s president, chairman and CEO, said Tuesday that he would stay through Oct. 31, 2009, and see the company through its merger with Iowa’s MidAmerican Energy Holdings Co.—but only if MidAmerican wants him to.
In a letter filed Tuesday with the Securities and Exchange Commission, Shattuck said he would waive cash severance payments previously set at $18 million, as well as accumulated pension benefits if he quits the company following the merger.
Shattuck said in the letter he would waive the payments, “in order to facilitate to the timely consummation of the merger and in partial consideration of my agreement to remain in the continued employment of Constellation … through October 31, 2009, if so requested by MidAmerican.”
Constellation and MidAmerican officials have not publicly addressed Shattuck’s future with the company since the Sept. 18 announcement of a $4.7 billion, $26.50 per share merger deal. The merger requires approval from shareholders and federal and state regulators, and could take months to complete.
According to regulatory filings last week, Shattuck’s $18 million severance payment will be matched by MidAmerican and donated to the company’s charitable arm, the Constellation Energy Group Foundation.
