Top CPS Energy executives who recently received huge bonuses won't get pay raises this year. Two of those executives pocketed six-figure checks in May, and 12 others came close to cracking $100,000, as part of an employee incentive program because the utility exceeded performance goals for 2011.
The City-owned utility's board of trustees was told about the decision to hold pay steady earlier this week, just before I broke the news that CPS had given out $16.4 million in bonuses to 3,644 employees.
Lisa Lewis, the utility’s spokeswoman, says the pay freeze was a management decision.
“They made that decision based on the fact that we're working toward reducing budgets and having more stringent operating costs," Lewis said. “And they felt that they needed to walk the talk, and so they made the decision they will not [approve] any pay increases.”