Peabody Energy Corp asked a U.S. judge on Wednesday to allow it to pay up to $11.9 million in bonuses for six top executives if the global coal producer meets performance targets and emerges from chapter 11 protection, Reuters reported yesterday. The incentive package, which for the first time includes targets for cleaning up coal pits, would raise the pay for the company's chief executive officer to $3.9 million from $1 million if all targets are met. Peabody said in a filing with U.S. Bankruptcy Court in St. Louis on Wednesday that the incentives for its executive leadership team will help the company maximize the value of its estate for the benefit of all stakeholders. For Peabody, the bonuses would be distributed to Chief Executive Officer Glenn Kellow, the presidents of its Australia and Americas units and the heads of the company's finance, marketing and legal departments.
