Trustees voted 4-1 to approve Rudy Garza’s new contract during their monthly board meeting. Garza said after the meeting he is “very satisfied” with his compensation package. Story by LindseyGCarnett.
Credit:CPS Energy’s Board of Trustees approved a contract for new President and CEO Rudy Garza on Tuesday morning that would pay him $655,000 annually.
Trustee John Steen was the sole vote against Garza’s appointment, voicing dissatisfaction with both the CEO search process and the selection of Garza. The other four trustees, including Mayor Ron Nirenberg, who sits on the board in an ex-officio capacity, articulated strong support for Garza and congratulated him on dropping ‘interim’ from his title.
“At the end of the day, we went through a very thorough process,” Gonzalez said. “This is not a handout; Rudy’s here because he earned this position.” But she noted that as the utility’s first Hispanic president and CEO, Garza will likely be held to a higher level of scrutiny. Former CEO Paula Gold-Williams, who stepped down in October of last year after criticism of her handling of the 2021 winter storm and an exodus of longtime executives, earned an annual salary of $485,850, but typically earned closer to $1 million once bonuses were factored in.
City Council has been debating how to spend the money; the city manager had proposed returning much of it to CPS Energy customers in the form of a rebate, but that option appears to be on life support, as several council members have advocated for investing the funds toward city efforts to address climate change instead.
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