SC-owned utility CEO Jimmy Staton asks for pay cut. Here’s what we know

The leader of South Carolina’s state-owned utility, Jimmy Staton, requested a pay cut on his $1.5 million salary.

The Santee Cooper board of directors approved reducing Staton’s base pay by $250,000 annually, said spokesperson Mollie Gore. The cut stills needs approval from state lawmakers.

Deputy CEO and Chief Operating Officer Michael Finissi and other senior management staff at Santee Cooper will take on more responsibilities, Gore said. Staton asked the board to raise their salaries, and cut his, for their new roles.

The board also requested extending Staton’s current contract by one year to March 2028.

State lawmakers were slated to vote on Staton’s contract during an Agency Head Salary Commission meeting Thursday. But they wanted to understand the consequences of approving the changes before voting, said House Speaker Murrell Smith, R-Sumter.

“First time ever in the history of the agency salary head commission someone has asked for a decrease in their pay,” Smith said. “So we have no problem accepting that. We just need to understand what all consequences come with that.”

Smith said Santee Cooper will provide more information on the revised contract before lawmakers make a decision.

Santee Cooper hired Staton to lead the utility in late 2021. He is currently overseeing the planned restart of two abandoned nuclear reactors at V.C. Summer, in addition to a build out of transmission and generation to accommodate population growth and new data centers.

This story was originally published February 2, 2026 at 4:17 PM.