Fairfield County, SC (WLTX) - SCANA CEO Kevin Marsh and another top executive will retire after the failure of the VC Summer Nuclear Reactor project but may not leave empty-handed.
According to 2016 SCANA financial reports, on top of Marsh's more than $6 million salary, he could get almost $24 million on his way out from things like retirement, stocks, awards, and equity.
Outgoing Senior Vice-President and Chief Operating Officer Stephen Byrne could get more than $10 million in benefits.
“It is going to be very hard for them to cry poverty while paying departing executives a lot of money,” Representative Kirkman Finlay said. “The ratepayers have paid enough.”
“It's embarrassing but it's the structure of corporate governance and there's nothing that the state can do about it, there's nothing that elected officials can do about it,” Representative Todd Rutherford explained. “What we can do is make sure that this never happens again.”
A SCANA Spokesman tells WLTX that it has not been determined at this point if the executives will receive their full benefits.
The failed project cost 5,600 people their jobs and customers have paid and are continuing to pay for the abandoned reactors.
“Kevin had become an impediment to developing any type of plan for SCE&G to be a viable company in South Carolina,” Finlay said. “I just hope that they can wrap their mind around we’re not getting any more money for a failed nuclear power plant. I think they can. I hope they can but if they can’t it is going to be we’re going to be right back where we are today.”
“This is a debacle, and the ratepayers and the taxpayers are demanding change and change has happened,” Rutherford said.
To see SCANA’s financial report, please visit: http://www.scana.com/docs/librariesprovider15/pdfs/scana-2017-proxy-statement.pdf?sfvrsn=2
Santee Cooper is co-owner of the VC Summer project; their CEO Lonnie Carter announced in August he is retiring as well.