Wisconsin Energy's Leverett gets $750k raise

Wisconsin Energy Corp.

Allen Leverett was announced July 19 as president of Wisconsin Energy.

Wisconsin Energy Corp.?s newly named president Allen Leverett has received a pay increase to $750,000 in his annual base salary from the 2012 level of $652,856.

The Milwaukee-based public utility company said the raise was granted by Wisconsin Energy?s board in recognition of his new position, which the company announced July 19.

The company?s board also increased Leverett?s target award under the Wisconsin Energy short-term performance plan to 90 percent of his base salary, the company said in a regulatory filing Monday.

In 2012, Leverett?s total direct compensation was $4.15 million and his total compensation was $5.37 million. Included in his 2012 compensation was a long-term incentive award of $2.2 million and an annual incentive award of $1.29 million.

Leverett, who has served in several top executive positions for Wisconsin Energy since 2003, will become president effective Aug. 1, and Gale Klappa will relinquish that title while remaining chairman and CEO.

Leverett, 46, currently is an executive vice president of Wisconsin Energy and heads the company?s power generation group. Klappa, 62, will continue as chairman of the board and CEO, positions he has held since May 2004. Klappa had held the president?s position since April 2003.

Rich Kirchen is The Business Journal's senior reporter. He covers health care, insurance, politics, media and marketing/advertising.

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