Edison executives awarded bonuses

The Associated Press
Monday April 08, 2002

LOS ANGELES – Executives of Edison International were given bonuses in 2001 after the company, parent to troubled utility Southern California Edison, climbed out of debt and dodged bankruptcy. 

Chief executive John Bryson received compensation of $3.2 million in 2001, including his $950,000 salary, a bonus of $1.35 million and other compensation, according to a filing with the Securities and Exchange Commission. 

In 2000, Bryson was paid only his salary, compared with salary and bonus totaling $2.16 million in 1999. He received 1.27 million stock options in 2000. No options were awarded last year. 

Stephen Frank, chief executive of SoCal Edison, received $1.2 million in 2001, including his salary of $611,000 and a bonus of $585,000. Frank received only his salary in 2000. 

In awarding Bryson’s bonus, the board of directors’ compensation committee cited his “solid and focused leadership in guiding the companies through the California power crisis.” 

In light of that crisis, the board decided not to award merit salary increases to company executives in 2002. 

After plunging into debt in 2001 for power purchased the previous year, Edison was able to pay its creditors last month. The utility accumulated significant revenue after it settled a federal lawsuit with the California Public Utilities Commission. 

That deal maintains rate increases for electricity for several years until Edison returns to creditworthiness.