FRANKS, HARRIS DEMAND TAXPAYERS NOT PAY FOR METRA CEO’S GOLDEN PARACHUTE
In response to the large severance package granted to outgoing METRA CEO Alex Clifford, Democrat State Rep. Jack Franks (photo upper right) and Republican State Rep. David Harris (photo bottom right) are calling on METRA to ensure that Illinois taxpayers and fare-paying commuters are not forced to cover the cost of Clifford’s golden parachute.
The buyout pays Clifford $442,237 to cover the remainder of his contract, and includes a provision for an additional $300,000 if Clifford fails to find another job within 13 months. The compensation owed to Clifford for the eight months remaining on his contract, conversely, would only have been about $168,000.
“The wastefulness inherent in this decision is truly shocking,” Franks said. “The board could very easily have bought Clifford out of his contract or placed him on leave until it expired. Instead, they chose to give him more than his predecessor allegedly looted from the agency in the first place and send the bill to the taxpayers. ”
“It would have been a lot less expensive for Mr. Clifford to have been allowed to ride out the remainder of his contract,” said Harris, “even if day-to-day responsibility for the control of METRA’s operations were given to another executive.”
Franks and Harris see the recent deal as a waste of taxpayer and fare payer money. METRA receives annual subsidies from the State, and it recently imposed a fare increase of roughly 16% across all fare zones. The public funds and fares paid by riders should be used where they can be most effectively, not used to provide a golden parachute for a fired Executive Director.
Franks, the chairman of the House State Government Administration Committee, and Harris, the minority spokesman on the House Revenue and Finance Committee, are urging Metra to assume the cost of Clifford’s severance package internally, and not force Illinois taxpayers to pay any expenses beyond Clifford’s contracted salary of $252,500.
Rates went up 16 % last November and 24% the year before that and nobody cares. This could neve happen in business. Th business would be out of business.
ReplyDeleteyeah...great...when is somebody gonna speak out about all elected officials bloated pensions and special healthcare !!!!!!!!!!!!!!!!!!!
ReplyDeleteAnybody can call for METRA to cover the cost. You and I can make such a call. No muscle behind it. What diff does it make?
ReplyDeleteLets hope Metra doesn't turn into the the CTA.
ReplyDelete