Edison International Chairman and Chief Executive John E. Bryson, who led the utility parent through the disastrous energy market meltdown in 2000-01, will retire this summer with a pension plan and stock options that at the end of 2007 were worth almost $65 million, the Los Angeles Times reports.
Bryson, who hits the company’s mandatory retirement age of 65 at the end of July, isn’t receiving any retirement-related payments apart from a $16.8-million pension, which can be collected in a lump sum or over time, according to a securities document filed by the company late Friday.
The vested stock options, earned by Bryson over his 24-year tenure at Edison, were worth $48 million, based on Edison’s year-end stock price of $53.37. The options’ ultimate value depends on when Bryson converts them to shares and sells the stock.
Edison shares rose 5 cents to $48.96 on Monday.
Rosemead-based Edison owns Southern California Edison, which provides power to 13 million people in a 50,000-square-mile area of central and southern California. The company also owns Edison Mission Energy, an unregulated power producer.
The company was on the brink of bankruptcy during the state’s energy crisis, but was rescued when the state stepped in to spare the utility from buying power at soaring prices. In the years since, regulatory decisions have helped Edison recover and the company’s overall financial performance has steadily improved.
