Utility bosses sell $18M in stock after rate deal
LOS ANGELES (AP) — Two top executives at Edison International pocketed $17.7 million by selling company stock after Edison reached a major settlement involving the defunct San Onofre nuclear power plant in California.
They sold the stock March 31, when it climbed to its highest price since 2007.
Four days earlier, the company announced a proposed agreement with consumer advocates to end a dispute over who gets the bill for the shuttered plant.
Federal regulatory filings Wednesday showed Chairman Ted Craver exercised stock options held since 2005 and made nearly $9.7 million after selling 172,644 shares for an average price of $56.
Chief financial officer James Scilacci sold 143,438 shares for just over $8 million.
The stock sales were reported, as required, to the Securities and Exchange Commission.
Edison closed the plant in June.
