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Seattle Times: Port CEO Gets Pay Raise---to nearly $400,000
The Seattle Port Commission voted 3-2 yesterday to give a hefty 9 percent pay raise to Port CEO Tay Yoshitani, bringing his base pay (not counting potential "performance" bonuses) to $366,825. Yoshitani now makes more than twice Gov. Chris Gregoire's salary, the Times' Mike Lindblom reports
---and more than twice Mayor Mike McGinn's salary of $164,000. Yoshitani's new contract also allows him to receive $100,000 for staying on retainer for a year after he leaves the Port.
Port commissioners who voted for the increase cited the Port's strong performance last year and the need for continuity in Port leadership.
In a statement to the media yesterday, Port Commissioner John Creighton called the 9 percent raise "contrary to both the letter and the spirit of our latest approved Salary and Benefits Resolution," which limits Port staff pay increases to 3.5 percent.
"The CEO’s current salary is at the top of the market, and we do not have any independent salary survey information indicating that the CEO’s salary is not currently competitive. In addition, keeping Mr. Yoshitani on retainer for the year after retirement may well be in the Port’s best interest, but having just received the draft Retention Agreement with this provision yesterday, I have no basis to judge whether the compensation contained in Section 1(c) is appropriate with respect to the market for such arrangements."
Gael Tarleton also voted against the raise.
Port commissioners who voted for the increase cited the Port's strong performance last year and the need for continuity in Port leadership.
Despite the recession, the Port moved a record 2.1 million containers across its docks last year, attracted more cruise ships and increased airport business to 31.5 million passengers.
That growth saved thousands of jobs, said Commissioner Tom Albro, who voted "yes" on Yoshitani's new contract. Operating income this year is projected to be just over $500 million, and net operating revenue $54 million.
"The next few years will be extremely competitive as the expanded Panama Canal opens in 2014, and we believe both the Port and the communities we serve will benefit from his [Yoshitani's] continued leadership," Albro said in a statement.
In a statement to the media yesterday, Port Commissioner John Creighton called the 9 percent raise "contrary to both the letter and the spirit of our latest approved Salary and Benefits Resolution," which limits Port staff pay increases to 3.5 percent.
"The CEO’s current salary is at the top of the market, and we do not have any independent salary survey information indicating that the CEO’s salary is not currently competitive. In addition, keeping Mr. Yoshitani on retainer for the year after retirement may well be in the Port’s best interest, but having just received the draft Retention Agreement with this provision yesterday, I have no basis to judge whether the compensation contained in Section 1(c) is appropriate with respect to the market for such arrangements."
Gael Tarleton also voted against the raise.
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