Top Wwp Executives Get Maximum Bonuses Better Earnings, Other Factors Trigger Bonus Payments For ‘95

Improved corporate performance translated into the maximum possible bonuses for Washington Water Power Co. executives in 1995, according to a proxy just mailed to shareholders.

Senior Vice President W. Les Bryan and vice presidents Jon Eliassen, Rob Fukai and Nancy Racicot received a total of $372,000 in bonuses, their first since 1991.

Bonuses for the company’s three other vice presidents and its other officers were not included in the proxy, which also includes a proposal to shift the bulk of director compensation to stock from cash.

Treasurer Terry Syms said the change in director compensation would ensure that members of the board have the same financial incentives as other shareholders.

Shareholders of the utility, the largest publicly held company based in Spokane, will meet May 13 to vote on the plan.

Chairman and President Paul Redmond received a WWP bonus of $283,589. He and Eliassen also received bonuses from Pentzer Corp., the holding company for WWP’s non-utility operations.

With his salaries and bonuses as chairman of Pentzer as well as WWP, Redmond was paid a total $1.2 million for the year. The sum was below his compensation in 1994 and 1993, when non-utility incentives lifted the totals substantially.

The proxy says the bonuses are based, in part, on a 10 percent earnings increase, an improved stock price and a 20 percent jump in wholesale electricity revenues.

Unlike past years, all compensation was in cash.

Syms said the change in policy was necessary because of U.S. Securities and Exchange Commission rules and the inability of WWP to complete its proposed merger with Sierra Pacific Resources by year-end.

Directors receive $20,000 annually. If shareholders approve, that will be increased to $30,000 this year, but at least $20,000 will be paid in stock.

After five years, all directors would have to own shares worth at least $100,000. Four of the company’s nine directors are below that threshold now.

, DataTimes ILLUSTRATION: Photo