CPS Energy Board rewards successes of President & CEO
Today at their scheduled June Board meeting, CPS Energy’s Board of Trustees conducted their formal annual performance evaluation of the company’s President & CEO Paula Gold-Williams.
In their discussions, Board members assessed Gold-Williams’ actions, which have dramatically increased customer satisfaction over the past two years, as well as continued the utility’s strong financial performance. In particular, they noted that under her strategic leadership CPS Energy has maintained its bond ratings of AA+, Aa1 and AA from Fitch, Moody’s and S&P, respectively. These ratings place the company in the top three percent of all utilities, which translates to very low interest rates on debt secured to operate the business. This saves CPS Energy customers millions of dollars every year.
Board Chair John Steen stated, “Leading CPS Energy is a complex and demanding position, and Ms. Gold-Williams has functioned at a consistently high level and overall, performed outstandingly.”
The Board Chair went on to say, “In setting our CEO’s compensation, the board takes into account the experience and level of expertise required for the job, as well as the market for top executives in the utility business. The bottom line is that we must keep pace with the electric utility market or we’ll come up short in the competition for the very best talent.”
Citing Gold-Williams’ national designation as the “2018 Energy Thought Leader of the Year” which was awarded to her earlier this year at the Energy Thought Summit in Austin, as well as her recent recognition from the Keystone Policy Center for energy sector innovation, Board Trustee Ed Kelley noted that, “CPS Energy is viewed as a national leader, thanks to Gold-Williams and her team.”
Kelley added, “Working with independent industry expert ScottMadden®, we have set challenging metrics for the CEO that drive CPS Energy toward top performance as compared to all utilities across the nation. Aligning these metrics with the opportunity for at-risk pay is how the Board continues to ensure that our community receives great value from our municipally owned utility.”
Compensation for Gold-Williams is separated in two segments, a base salary and at-risk compensation. For the period ending Jan. 31, 2018, the Board voted to award Gold-Williams at-risk compensation of $260,629.25. An additional amount of $106,036.25 is deferred until 2019 and remains at-risk in accordance with the long term incentive plan in CEO’s contract. Last year, Gold-Williams earned $290,386 in at-risk pay, no portion of which was deferred.
The Board went on to consider Gold-Williams’ annual salary, in comparison to her industry peers, and voted to increase her base salary from $445,000 to $471,700.
The combined salary and at-risk pay of Gold-Williams, totaling $732,329.25, represents only three one-hundredths of a penny, or .0003 of each dollar, of CPS Energy’s gross revenues of $2.7 billion per year.
“Gold-Williams has demonstrated the consistency and commitment to our community by living and breathing her People First philosophy. The strategic decision-making she has brought to the company will make CPS Energy an even stronger asset for San Antonio and our citizens,” said Steen.
Gold-Williams who has led CPS Energy’s team of more than 3,000 dedicated team members since November of 2015, is a native of San Antonio. She is a Certified Public Accountant and previously served as CPS Energy’s Chief Financial Officer from 2008 to 2016. She is a graduate of San Antonio’s Sam Houston High School, has an Associate degree in Fine Arts from San Antonio College and an undergraduate degree in Business Administration, with a concentration in Accounting from St. Mary’s University. Gold-Williams also earned a Masters in Finance and Accounting from Regis University in Denver, Co.
For more information about CPS Energy’s achievements during the past fiscal year, see the company’s Annual Report.
About CPS Energy
Established in 1860, CPS Energy is the nation’s largest public power, natural gas and electric company, providing safe, reliable, and competitively-priced service to 804,000 electric and 343,000 natural gas customers in San Antonio and portions of seven adjoining counties. Our customers’ combined energy bills rank among the lowest of the nation’s 20 largest cities – while generating $7 billion in revenue for the City of San Antonio for more than seven decades. As a trusted and strong Community partner, we continuously focus on job creation, economic development and educational investment. True to our People First philosophy, we are powered by our skilled workforce, whose commitment to the community is demonstrated through our employees’ volunteerism in giving back to our city and programs aimed at bringing value to our customers. CPS Energy is among the top public power wind energy buyers in the nation and number one in Texas for solar generation. For more information, visit cpsenergy.com.
