Harker was on her way out from previous employer when she took Gannett CFO post -- without a raise

Victoria Harker was already set to leave as chief financial officer of electric utility AES Corp. nearly two months before Gannett announced she'd been hired as CFO -- and at a salary less than what she'd been earning, according to company statements and regulatory documents.

Harker

On April 30, AES announced that Harker -- who'd been CFO for six years -- planned to leave the company no later than Aug. 10. It offered no explanation for her exit. In a statement, CEO Andrés Gluski described Harker in glowing terms, indicating the parting was officially amicable.

Harker said: "I look forward to the new challenges ahead."

Her departure followed an AES management shake-up last fall. Gluski was promoted to CEO in October from chief operating officer. He immediately announced a management reorganization where Harker, 47, got the additional responsibilities of president of AES' Global Business Services unit.

It's not unusual for management shifts to continue once a new chief executive settles in, especially when it involves executives who were rivals for the CEO's post. I've read nothing to indicate this was the case in Harker's decision, however.

Indeed, her move to GCI may have been orchestrated in advance of predecessor Paul Saleh's exit last month for the CFO job at a larger company.

Whatever the circumstances, the GCI job worked perfectly for Harker and the company in at least one respect: She and her family already live in McLean, Va. -- Corporate's headquarters -- so there's no costly relocation required. She starts July 23, according to Corporate's Thursday announcement.

AES is much larger than Gannett in terms of revenue: It reported $17 billion last year vs. GCI's $5.2 billion. AES has 27,000 employees vs. 31,000 at GCI.

The utility's stock has been hammered over the past five years: AES closed yesterday at $12.08 a share, down more than 40% after adjusting for dividend payments. GCI, in a far more troubled industry, has fallen nearly 80% during the same period.

AES pay vs. GCI
At AES, Harker got paid $3.8 million last year -- a big increase from 2010, when she got $2.7 million, according to regulatory filings. That included a base salary of $632,220 $625,000 -- the same as -- more than the $625,000 GCI said yesterday she'll be paid.

But in both years, her pay included stock awards that required her to remain an employee until 2013. She presumably forfeited them by leaving too soon.

Using a different formula, GCI paid Saleh $2.2 million last year. That, too, included the value of stock awards he forfeited when he left last month. His base GCI salary was slightly lower than Harker's: $600,000.

Harker's AES compensation for the past three years:

2011

• Salary: $632,220 $625,000
• Stock awards: $1.2 million
• Stock options: $356,917
• Incentive plan compensation: $1.5 million
• Other: $96,450
• TOTAL: $3.8 million

2010

• Salary: $615,000
• Stock awards: $349,090
• Options: $327,528
• Incentive plan: $1.3 million
• Other: $117,100
• TOTAL: $2.7 million

2009

• Salary: $600,000
• Stock awards: $373,127
• Options: $508,307
• Incentive plan: $1.2 million
• Other: $103,800
• TOTAL: $2.8 million