2 September 1998
MarketSpan chief quits over $42 million bonus package
William J. Catacosinos, the 68 year former chairman & chief executive of MarketSpan Corp., has been forced to resign following press revelations leaking details of a $42 million compensation package. As reported in Power Economics July/August 1998, Catacosinos received the bonus following the completion of the merger of KeySpan Energy Corp. and Long Island Lighting Co. (Lilco) to form MarketSpan. Catacosinos was formerly the chief executive and chairman of Lilco and received the payment as a severance package before moving to head up MarketSpan. The controversial deal also included the acquisition of the Lilco transmission system by the Long Island Power Authority in a bid to reduce elec
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