Eversource chief gets $700,000 raise
Utility Eversource Energy disclosed Thursday that its chief executive, Thomas May, received a 7.8 percent pay increase in 2015, bringing his total compensation to around $9.7 million.
That was about $700,000 more than he received in the prior year, with May getting both a bump in his base salary and a larger stock award. In 2014 May’s total compensation increased at a higher rate, 17 percent, to around $9 million.
During 2015 Eversource’s stock fell about 5 percent. It has since climbed more than 10 percent for the year, and closed Thursday at $57.83 Thursday.
In Connecticut the company recently came under fire from U.S. Sen. Richard Blumenthal, who accused Eversource of misusing the H1-B visa program to outsource 200 information-technology jobs two years ago. Eversource denies any wrongdoing.
May was previously the chief executive of NStar, which merged with Northeast Utilities in 2012 and rebranded itself early last year as Eversource. The company has 300,000 natural gas customers in Massachusetts and corporate offices in Boston and Hartford.
Eversource announced earlier this week that it would reduce monthly utility bills for its residential customers by about 6 percent for the summer and fall months, compared with last year. The Massachusetts Department of Public Utilities will have to approve the new rates.