Dynegy to Pay Ex-CEO $22-Million Severance

Dynegy Inc., owner of power plants in 12 U.S. states, has agreed to pay $22 million to former Chief Executive Charles L. Watson to resolve a dispute over his severance package.

Watson’s contract was terminated in May 2002 after a 62% drop in the company’s stock price that year amid federal investigations of the energy company’s trading and accounting.