JEA's board has given the green light for a substantial salary bump and extended contract for their CEO, Vickie Cavey, as confirmed during today's meeting. Her salary soars from $560,000 to a hefty $700,000, a decision met with both unanimous board approval and public disquiet. According to News4Jax, several residents voiced their concerns, with Teresa Parlato questioning the raise prior to seeing tangible results from Cavey's leadership.
Despite the outcry, JEA officials insist that this salary escalation won't affect customer rates. JEA Board Chair Joseph DiSalvo assured, "This contract does not impact customer rates in any fashion whatsoever," as reported by News4Jax. Yet, the timing juxtaposes with an impending vote by the same board on a potential utility rate hike slated for April 1, a juxtaposition that may raise eyebrows among customers seeking transparency.
Defenders of the salary increase highlight Cavey's performance. One board member lauded her for stepping in below market rate and steering the company in the right direction. They emphasized Cavey's critical role during a tumultuous period for JEA, indicating that her guidance warranted the new contract, First Coast News notes.
Furthermore, the CEO's salary was carefully considered against industry standards. A market analysis showed that despite JEA ranking highly in workforce size, power generation, and customer numbers, the CEO's compensation remained in the lower tier, with board Chairman Joe DiSalvo remarking, "I don't think we should lose sight of that," Action News Jax reported. While the Compensation Committee had floated a salary of $807,000, a figure justified by the market analysis, the decision landed a more conservative $700,000, plus allowances without bonus incentives.
Stability and fiscal stewardship seem to be at the core of this Board's decision as they seek to position JEA competitively and fairly within the public utility sphere. Nevertheless, as Action News Jax outlines, with her contract now secured, Cavey is expected to deliver performance that justifies the Board's confident investment in her leadership amid wider community reservations.
