Constellation CEO pay increases 11 percent last year

Mayo A. Shattuck IlI -- who successfully engineered the sale of Constellation Energy Group to Chicago-based Exelon Corp. – took in $17.3 million in total compensation last year, a nearly 11 percent increase from 2010.

Shattuck's base salary of $1.3 million was unchanged from a year earlier. He received no cash incentive payment last year, compared with a $1.7 million payout in 2010. The compensation package, which the company reported Friday, includes additional payouts in stocks, options and the value of his pension.

The year-over-year increase in Shattuck's pay was attributed mostly to changes in the accounting value of his pension and deferred earnings, representing nearly $7 million.

Shattuck, who is now Exelon's executive chairman, also received stock valued at $6.4 million and options at $2.6 million.

Other compensation, which includes matching contributions and perks, was $110,677.

In 2010, Shattuck's total compensation was valued at $15.7 million.

During 2011 when the company announced its $7.9 billion sale to Exelon, Constellation lost $340.3 million, or $1.70 per share. The merger closed earlier this year.

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