Title
CEO Salary Adjustment - Fiscal Year 2024-25
Body
Agenda of: June 26, 2024
Item No.: 2024-206
Amount: $13,104.00
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: William M. Wolfson
Chief Administrative and Compliance Officer
Great Lakes Water Authority
DATE: May 15, 2024
RE: CEO Salary Adjustment - Fiscal Year 2024-25
MOTION
Upon recommendation of William M. Wolfson, Chief Administrative and Compliance Officer, and David Jones, General Counsel, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA):
1. Approves an increase in the Great Lakes Water Authority's Chief Executive Officer's annual salary, in the amount of Thirteen Thousand, One Hundred and four Dollars ($13,104.00) effective at the first available pay period in July 2024; and
2. Authorizes the Board's Chairman, GLWA Chief Administrative and Compliance Officer, and General Counsel to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
Effective June 17, 2022, the Board entered into an Employment Agreement (Agreement) with Suzanne Coffey to serve as the GLWA's Chief Executive Officer (CEO). Section 4.1 of that Agreement provides:
4.1 GLWA shall pay Coffey an annual salary of $260,000, payable in accordance with GLWA's customary payroll practices, subject to customary and mandatory withholdings-. Except as otherwise provided herein, nothing in this provision shall be interpreted as guaranteeing employment or compensation for a full year or for any period of time. Coffey's salary shall be reviewed at least annually by the Board, which may increase or decrease the salary. Salary adjustments shall be done by Board resolution and shall not be considered an amendment to this agreement. (Emphasis added.)
This action will increase CEO Coffey's annual salary in fiscal year 2024-25 by $13,104, from $262,100 to $275,204. During the 2023-24 Fiscal Year, GLWA provided eligible t...
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