As rates rise for customers, CenterPoint CEO David Lesar's compensation triples

As CenterPoint customers face rate hikes, CEO David Lesar's compensation more than tripled from 2020 to 2021, far outpacing executive compensations of other utility providers, according toIn SEC filings, CenterPoint revealed that Lesar received $37.8 million in 2021, which the institute found is double, and in some cases triple, what other CEOs at similar companies earned that year.

In a statement, CenterPoint officials said Lesar received a one-time retention award last year, which was awarded in stock. They said since becoming CEO, Lesar has “helped transform our company” by establishing its long-term growth strategy, refocusing its core business and investing in reliability. They said one of Lesar’s top priorities is to reduce CenterPoint’s expenses by 1 to 2 percent on average annually through 2030, which will benefit customers.

"You could argue it’s the market. Increased rates are needed, and that they do have costs and so on," Werner said."You could argue these shareholders' stocks going up doesn’t hurt customers -- it's not money out of customers' pockets, but it dilutes the shares a little. Shareholders may not get as much because has a lot."

In the third quarter of 2021, company earnings rose 80 percent to $218 million from $121 million in the third quarter of 2020 while profits allocated to common shareholders nearly tripled to $195 million from $69 million. At the same time, revenue climbed 8 percent to $1.7 billion from $1.6 billion during the same period a year earlier.

Weird how that happens in every industry. The rich get richer, the poor get poorer. 🤷‍♀️

This is absolutely disgusting. How this man even shows his face in public is insane. One of these days it’s going to go very bad for people like him raping the people of this country.

It's almost as if he doesn't control the price of natural gas or the regulatory environment

Look at his bonus too. Bet it’s at least 200% of his salary. I’m all for hard work deserves pay and bonus but there are lots of improvements centerpoint needs to make and it’s not happening. We lose power every time there’s a breeze even after upgrading our electric hardware

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