Mirant CEO Set to Resign, Get $3.4 Million

Mirant Corp. Chief Executive Marce Fuller will resign from the energy supplier and receive $3.4 million in severance pay plus other benefits, according to a regulatory filing Thursday.

The Securities and Exchange Commission filing says Fuller will receive an additional $850,000 in short-term incentives. She is also eligible for further compensation from a company pension plan.

The filing, which outlines Fuller’s separation agreement terms, does not specifically say when she will resign. It says Fuller, 44, will also step down from her seat on the board of directors -- but that she has agreed to work as a consultant to Mirant.

Spokesman Vance Booker said Fuller would stay until a successor was found. No timetable has been set for finding a successor, but the company will consider internal and external candidates, Booker said. A board-led CEO search has been underway for the better part of the year to prepare in the event that she left, the company said.

The Atlanta-based company filed for bankruptcy protection in July 2003. It has yet to file a reorganization plan. In August, Mirant said it hoped to emerge from bankruptcy protection in the first half of next year.

Fuller, who joined Mirant in 1992, previously worked at Southern Co. and General Electric Co.