AMERICAN ELECTRIC POWER CHIEF PAID $12.6 MILLION

(03/17/2007)

American Electric Power says their CEO Michael Morris received compensation worth about $12.6 million dollars last year. The Ohio-based conglomerate says that Morris' compensation included a base salary of $1.2 million dollars. He also received stock options valued at around eight-and-a-half million dollars, and 676-thousand dollars in perks and other benefits. Those include his personal use of company aircraft and country club dues. AEP says its executive compensation is based on a number of factors -- including pay history, the company's financial performance and compensation at comparable firms. AEP serves more than five million customers in eleven states, including West Virginia.

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