CEO of CFPUA will receive more than $22,000 extra a year - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

CEO of CFPUA will receive more than $22,000 extra a year

Reported by Claire Hosmann - bio|email
Posted by Debra Worley - email

WILMINGTON, NC (WECT) - Despite the tough economy, Cape Fear Public Utility Authority board members reportedly voted to increase their CEO's salary.

CFPUA provides water and sewer services for New Hanover County residents.

According to CFPUA Chairman Gene Renzaglia, there has been a misunderstanding about what happened during their October meeting - he says CEO Matt Jordan is not getting a raise or even a bonus.

"He is being paid that portion of the contract that is defined as incentive pay," said Renzaglia.

An incentive pay clause is effective when specific objectives laid out in a contract are reached.  Renzaglia says Jordan met his objectives so he will receive the additional pay.

Employees were concerned when they learned Jordan's yearly paycheck will increase by $22,500.  They were told there was not enough money to give anyone raises this year.

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