He [Wilder] Was Planning It All Along!


Some of you may have lost sleep over that bit in Opening Bell this morning (yes, the highly prized 9:30 am-10 am nap), about TXU chief executive John Wilder getting a whopping $280 million upon the completion of the TPG buy-out. You were probably worried that TXU was going on one of its annual Let’s Stuff Money in Paper Bags and Light It On Fire-type spending sprees, were you not? Well worry no longer: turns out the Texans are actually quite stingy, particularly when it comes to their commander in chief. Deal Journal reports that Wilder’s bonus for 2006 was a measly $1.6 million bonus. And why was Wilder awarded less than Blankfein spent on sheets during the calendar year? Apparently, he only has himself to blame. The company noted in its SEC filing that “While [TXU] delivered record earnings per share and operating cash flow results in 2006, the company fell short of its incentive funding metrics relative to challenging goals approved by the Organization and Compensation Committee.” Basically, Wilder should take a long hard look in the mirror and think about what he’s done (or hasn’t done).
Or should he? The best part of this whole thing is that Wilder’s compensation is apparently low because the company failed to meet performance goals, and it was this under performance that hurt the share price and made TXU an inviting target for KKR-TPG. Enter: the $280 million. Fishy, indeed.
Wilder’s Barely Passing Grade at TXU [Deal Journal]



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