ITC shareholders re-elect 10 directors, approve new executives’ base salaries

ITC Holdings Corp. (NYSE: ITC) said in a Form 8-K filed May 29 that its shareholders re-elected all 10 directors to the company’s board of directors at its annual shareholders meeting May 23.

Directors re-elected were Christopher Franklin, Edward Jepsen, Richard McLellan, William Museler, Hazel O’Leary, M. Michael Rounds, Gordon Bennett Stewart III, Lee Stewart, J.C. Watts Jr. and Joseph L. Welch, according to the filing.

Further, ITC said its shareholders approved changes to the base salaries of certain executive officers. The changes were approved by the compensation committee of the company’s board on May 22.

Under the new compensation plan, the base salary of President and CEO Joseph Welch will be $946,400; Executive Vice President and Chief Business Officer Linda H. Blair will get $524,000 in base salary; Executive Vice President and CFO Cameron M. Bready’s base salary will be $504,000; and Senior Vice President and General Counsel Daniel J. Oginsky will get a base salary of $325,000.

Additionally, the company stated that its shareholders ratified the appointment of Deloitte & Touche as the company’s independent registered public accountants for the fiscal year ended Dec. 31, 2012.

On May 23, ITC’s board declared a quarterly cash dividend of 35.25 cents per common share. The dividend is payable on June 15 to shareholders of record on June 4, according to the filing.