John F. Young, new chief executive as TXU Corporation, is set to receive a salary of $1 million and could get annual bonuses of up to $2 million this year, according to a filing with the SEC. The executive is also eligible for bonuses up to twice his salary for hitting board-set performance goals. Young will also receive two and a half times his annual salary and bonus target if he is fired without cause or resigns for good reason during the next two years.

Executive compensation has always been a controversial topic at TXU since it was acquired last year in a private buyout by KKR and others. In 2006, CEO John Wilder received compensation valued at $17.12 million in stock awards and was expected to get at least $277 million worth of stock when he left the company. Who said public company CEOs cost a lot of money? It looks like private equity found a cheaper one in this case...