Allete executive pay rose in 2017
Several top executives at Duluth's Allete Inc. had a sizable bump in compensation last year, according to Securities and Exchange Commission filings.CEO Al Hodnik received $3.4 million in total compensation in 2017, up from $2.7 million in 2016. ...
Several top executives at Duluth’s Allete Inc. had a sizable bump in compensation last year, according to Securities and Exchange Commission filings.
CEO Al Hodnik received $3.4 million in total compensation in 2017, up from $2.7 million in 2016. That reflected a modest rise in salary but a bigger boost in pension value and “non-equity incentive plan compensation.”
The company’s accounting shows Hodnik’s pay was 20 times the median employee’s compensation, calculated at $174,181 with pension accruals.
Chief Financial Officer Robert Adams saw his compensation rise to just over $1 million from $700,000 after taking on the CFO role last spring. Bradley Oachs, president of regulated operations, saw compensation rise from $655,00 to $1 million in 2017, and Senior Vice President Deborah Amberg’s compensation ticked up to $910,000 from $850,000.
Allete is the parent company of Minnesota Power, Superior Water, Light & Power, Allete Clean Energy and others.