Emera's TECO buy put millions in pockets of execs, directors
By Margie Manning
Tampa Bay Business Journal
Published: Jul 7, 2016

Ten executives and directors of TECO Energy Inc. sold their stock for more than $1 million each when Canadian energy company Emera Inc. bought TECO.

In several cases, the payday was much higher.

Tom Rankin, a member of TECO's board of directors, sold nearly $21 million in stock, while John Ramil, TECO's president and CEO, received $13.2 million for his stock.

Emera (TSX: EMA), based in Halifax, Nova Scotia, closed its $10.4 billion acquisition of TECO on July 1, assuming debt and paying $27.55 a share for all the outstanding shares.

It was one of the largest deals in recent years in Tampa Bay.

Four days later, TECO's executive officers and directors disclosed their stock sales in filings with the U.S. Securities and Exchange Commission, listing common stock controlled by both themselves and their immediate family members.

Rankin, the former chairman of the board and CEO of Lykes Energy and Lykes Bros, sold 729,495 shares, stock that was acquired in the years since he joined TECO's board in 1997.

Only one other board member has served longer. James Ferman Jr., president of Ferman Motor Car Co., has been a director since 1985. At the time of the sale, Ferman controlled 30,028 TECO shares that he sold for $827,271.

Ramil, who joined the company 40 years ago in 1976 as a cooperative education student, has been president and CEO since 2010. He controlled 480,450 shares at the time of the sale. Ramil plans to retire effective Aug. 31.

See the chart below for stock sales by all of TECO's executives and directors.

Margie Manning is Finance Editor of the Tampa Bay Business Journal. She covers the Money beat. TECO stock sales

Name	Title	Number of shares	Value of shares
Thompson Rankin	Director	729,495	$20,097,587
John Ramil	President and CEO	480,450	$13,236,398
Gordon Gillette	President, Tampa Electric	274,047	$7,549,995
Sherrill Hudson	Director	267,907	$7,380,838
Sandra Callahan	Senior VP/CFO	182,132	$5,017,737
Charles Attal III	Senior VP-General Counsel	137,660	$3,792,533
Phil Barringer	Senior VP-corporate services and chief human resoures officer	120,779	$3,327,461
Paul Whiting	Director	119,604	$3,295,090
Joseph Lacher	Director	49,276	$1,357,554
William Rockford	Director	47,394	$1,305,705
Loretta Penn	Director	31,546	$869,092
James Ferman Jr.	Director	30,028	$827,271
Evelyn Follit	Director	15,231	$419,614
Ryan Shell	President, New Mexico Gas	10,041	$276,630

Source: U.S. Securities and Exchange Commission filings