Goudie is right; ComEd is wrong

I'm sorry to hear that ComEd President Barry Mitchell (Fence Post, Sept. 19) is disappointed in the reporting of Chuck Goudie, but when it comes to reporting on ComEd, Goudie is right and it's Barry who's off base.

First, ComEd is a subsidiary of Exelon, so through the purchase of electricity, its profits become the profits of Exelon, helping to pay the compensation of Exelon executives. Barry should know, after all he was an executive of Exelon before he moved to ComEd.

Second, senior executive salaries are determined by "Compensation committees". These compensation committees are somewhat like "inbreeding". If you are on my company's compensation committee and I'm on yours, guess what happens to my compensation if I lower yours for poor performance? Guess what happens to mine if I raise your compensation? Today's corporate compensation committees are nothing more than shills for executive incompetence and most board members are far from independent.

Third, it was exciting to watch ComEd executives selling their Exelon stock shares this past year. They got caught with their pants down, declaring themselves independent from Exelon, while buying energy from themselves (Exelon shareholders). I believe the correct phrase is "Something smells rotten in ComEd."

Don't get me wrong. ComEd workers are among the finest in the world. Most didn't rest, following our recent round of storms, until all residents had their power restored. They are the heart and soul of ComEd and deserve better compensation for their efforts instead of seeing the money go to the overpaid executives.

Guess what Barry, you've had your third strike and you're out.

Rich Wegel

West Chicago