Citizens Energy Trying To Put Lipstick On A Pig

Citizens Energy announced yesterday the planned retirement of CEO Carey Lykins, who has become a multi-millionaire many times over from running what is supposed to be a public benefit corporation intended to keep utility rates as low and affordable for Indianapolis residents as possible. With his retirement announcement, Citizens announced a reduction in its executive compensation, which has been highly criticized. The CEO's pay is being reduced about 32%, while the pay of another dozen or so over-paid executives is being reduced between 6 and 12 percent. Lykins earned $1.9 million last year. Lykins and six other executives collectively earned about $6 million last year. Lykins should have plenty of time to work on his seemingly year-round tan now.

Lykins will be succeed by Jeff Harrison, who currently serve as the utility's vice president of engineering and sustainability. Harrison formerly worked as an executive of IPL before its self-serving management cashed out big time in a sale of the utility to AES in a deal that totally screwed shareholders and long-time employees of the utility. Harrison is a first cousin of Rev. Charles Harrison of the Ten Points Coalition according to a tweet made by Rev. Harrison following yesterday's announcement.