Reliant Ex-CEO Gets $6.9-Million Severance
Reliant Resources Inc. paid its recently departed top executive a severance package worth $6.9 million, according to a regulatory filing.
Steve Letbetter, who resigned last month as chairman and chief executive of the Houston-based energy company, also received a consulting deal worth $1 million a year, a 2003 bonus of $747,946 and various other benefits, the Securities and Exchange Commission statement said.
According to the proxy statement, Letbetter was paid $1 million in salary and received no bonus in 2002.
Letbetter’s insurance is to continue at active employee rates until age 65 -- an additional 10 years -- and financial planning services will be made available to him at a cost of up to $25,000, the filing said.
Shares of Reliant Resources fell 24 cents, or 4.3%, to $5.38 on the NYSE.