Dominion Energy CEO Robert Blue received significantly reduced compensation for the 2022-2024 performance period due to the company’s failure to meet key performance targets. Blue’s cash payout was $438,240, representing only 9% of the potential target payout of nearly $5 million, as disclosed in a recent U.S. Securities and Exchange Commission filing.

Dominion Energy’s total shareholder return ranked second lowest among its peers over the three-year period, resulting in no payout for that goal, which accounted for 50% of Blue’s performance-based target compensation. The company’s total return was minus 21% during that period, and its stock price suffered as investor confidence in the management team waned.

Despite these challenges, Dominion Energy took steps to reduce its debt, including selling its stake in the Cove Point liquefied natural gas plant to Berkshire Hathaway for about $3.3 billion in after-tax proceeds. The company also exceeded its minimum target for renewable energy generating capacity, though fewer solar projects were completed than anticipated.

Blue received no long-term performance pay related to Dominion’s cumulative operating profit target for 2022-2024. The company’s operating profit per share was $8.87, well below the minimum threshold target of $11.70 per share. This metric, with a performance weighting of 40%, contributed to the significant reduction in Blue’s payout. The renewable energy metric, with a 10% weighting, allowed Blue to receive 9% of the total target cash payout across the three goals.