Unless Bill Gates is your only measuring stick for wealth, you could say Gary Neale amassed a fortune during his long tenure at NiSource.

The former leader of the Merrillville energy provider and gas distributor helped build one of Indiana's largest companies. But he also leaves nagging questions about what executive pay-for-performance really means.

From 2000 to 2005, NiSource paid Neale -- who retired as its chief executive in mid-2005 -- about $23 million in salary, bonus, restricted stock awards and long-term incentive stock payments, according to proxy statements. He also was granted more than 1.9 million options to buy additional NiSource shares.

Heck, he got $73,076 for unused vacation days in 2002. That same year, NiSource slashed hundreds of jobs.

To get an idea of Neale's holdings, consider that he has sold about 850,000 NiSource shares worth more than $18 million since January 2006 -- and he still controls roughly 2.4 million options and shares.

Now consider that Neale's boldest move at NiSource, the $6 billion takeover of Columbia Energy, seems to have sapped the company's performance for much of the time since the deal was completed in 2000.

"It was a deal that even yet has failed to live up to expectations," said Paul Justice, an analyst with Morningstar.

"I think it's probably universally believed that they overpaid for the assets," added Paul Ridzon, analyst with KeyBanc Capital Markets.

The two analysts said debt from the acquisition forced NiSource to cut investor dividends to pay creditors.

When asked to assess Neale's performance after the Columbia deal, Ridzon said: "I think a lot of his time was spent trying to recover from the debt rating downgrades and trying to repair the balance sheet."

NiSource has about $6.4 billion in debt.

Meanwhile, NiSource reportedly is looking to sell its highly profitable Indiana electric utility for as much as $4 billion.

NiSource is not commenting on the reports. However, LaPorte County Attorney Shaw Friedman sees the potential sale as an attempt to reduce debt left from the Columbia deal.

"Neale's tenure has to be judged on ill-advised decisions like the hostile takeover of Columbia Energy," said Friedman, a frequent NiSource critic.

NiSource spokeswoman Kris Falzone said Neale was unavailable for comment. She did say pay at NiSource is based on performance, noting executives received no bonuses in the years they missed their targets.

Falzone said NiSource has changed its compensation policy for 2006. Now NiSource will total compensation based on the approximate 50th percentile of the pay range for similar energy companies; the mark had been the 50th to 75th percentile. Also for 2006, incumbent executives won't get additional stock options or stock awards.

So, it seems, NiSource is pulling in the reins on pay after Neale made his fortune.