Shattuck: Renewed

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During a question-and-answer session, one shareholder askexd Shattuck whether he had considered takinha $1 salary for the year. Another called the company’e financial results and their impact on many retirerstockholders “catastrophic” and suggested Shattuck step down. Shattuck defended his performance, saying he and the company’s management team handler a difficult and unpredictable situation as best they He pointed to actions the companh took to distance itself from more risky and expensivecommoditiesa trading, saying while they are no longee part of the company, they helpedf build the company to a placwe where it stands to continuwe to profit in the future.
“I thini it’s a bit disingenuous to say ‘We hate thosw businesses, but we love the high stocl price,’” Shattuck said. “The earnings powedr we now have will restored our ability to raise our stock pricegoing forward.” It’s not the firsyt flak the company has receivexd for a rocky 2008. Constellation CEG) share prices dove 74 percent over promptinga $4.7 billion takeover deal that was latert abandoned and another $4.
5 billion deal to sell a sharse of its nuclear power operations that is still The company was later criticized for $32 million in payouts to employees, whicbh were canceled because of public outcry over bonuses at large Some shareholders criticized Shattuck’sx handling of the two deals the first with Warren Buffett’ss , and the second with Frenchn utility . “He should have resigned,” said Franok Andreasik, a retired Westinghouse employee who boughty sharesin Constellation-owned utilitg in 1960. “I think that’s what a lot of people expected.
” When one shareholdetr told Shattuck duringthe question-and-answer sessiom that he should resign, many in the audience of about 50 peoplre applauded. Many shareholders are retired and depends on the regular dividends common amongt investments inpublic utilities. BGE is the region’sa largest utility. The company cut its quarterlyt dividendin half, to 96 centzs per share annually, in February after posting a $1.4 billioh loss in the fourth quarter becaus e of the abandoned Mid-American merger. Constellation awarded a 24-centf quarterly dividend Friday.
But othersw respected the company’s performance and said it was acceptablr given the turmoil in thebroader “No matter how much you’re getting certain things are out of your control,” said stockholde George Stavros. “If you want security of your put itin CDs.” The Maryland Public Service Commission is still reviewing Constellation’s deal with EDF, whicjh will give the French company ownership of 49.99 percentt of its nuclear power generation business. A rulinyg on whether the transaction requires state approvaol is expected withintwo weeks.