Wednesday, April 9, 2008

von Schack moonlights

Wesley W. von Schack, Energy East president, CEO and chairman, is no stranger to mergers, and surviving those mergers. He was on the board of directors of Pittsburgh-based Mellon Bank, a position he gained while CEO of his former utility, Duquesne Electric. When Mellon was acquired by Bank of New York , von Schack was one of the eight Mellon board members to go over to the new combined bank as a director.

As a Mellon director, von Schack was paid $110,124 in compensation (combined cash, stock awards. pension benefits and other misc. compensation) in 2007, according to the bank's proxy statement. He was the second highest paid director.

von Schack also is listed as the owner of 127,018 shares of Bank of New York stock .

At today's value, his holding are worth about $5.5 million. That pay and stock package is in addition to his Energy East pay, stock and pension package.

Energy East has yet to file a proxy for last year.

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