Bodman plans to keep Cabot holdings

Thursday, Jan. 27, 2005 | 9:44 a.m.

SUN WIRE REPORTS

WASHINGTON -- Energy Secretary-nominee Samuel Bodman plans to keep his financial holdings in former employer Cabot Corp. but has pledged to recuse himself from issues directly affecting it.

The Senate Energy Committee unanimously approved Bodman's nomination Wednesday. The full Senate is expected to easily approve his nomination on Monday.

Bodman is a former chairman and chief executive officer of the Boston-based chemical and specialty materials company, whose business includes some energy-related research and products.

Bodman told Energy Department ethics officials in a letter earlier this month that he plans to keep his financial holdings in Cabot. He said he will recuse himself from any Energy Department matters specific to the company, including "any cooperative agreements Cabot has with the department."

Bodman's holdings include Cabot Microelectronics Corp. stock options that are valued at $1 million to $5 million and expire in April.

He also has a Cabot Corp. deferred compensation arrangement that is worth $1 million to $5 million and pays him about $15,000 per month; two Cabot Corp. defined benefit plans that together provide him annuities of about $11,000 per month; and a Cabot Corp. retirement income savings plan that is valued at $1 million to $5 million and pays him about $61,000 per month.