UIL Holdings Corp. – the parent company of Connecticut electric utility United Illuminating – set $3.2 million in raises and bonus awards for its top five executives, including more than $1 million for its top officer, according to a Securities and Exchange Commission filing.
CEO and President James Torgerson received a raise in his base salary to $675,000 from $625,000. His 2011 bonus is equal to 75 percent of his pay, which equates to $506,250. The bonus is payable in cash in 2012 if corporate performance goals are met.
Chief Operating Officer Anthony Vallillo received a raise in base salary to $430,000 from $403,700. His 2011 bonus is $279,500.
Chief Financial Officer Richard Nicholas received a raise to $345,000 from $320,000. His bonus is $172,500.
General Counsel Linda Randell received a raise to $314,000 from $300,000. Her bonus is $141,300.
Vice President and Controller Steven Favuzza received a raise to $225,000 from $212,000. His bonus is $78,750.
