Puerto Rico Bankrupt Utility Is Leaderless After Pay Scandal
- Upheaval comes amid furor over new CEO’s $750,000 base salary
- Public employees, residents face government austerity policies
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Most board members of Puerto Rico’s power utility resigned Thursday after a chorus of outrage over pay for its new chief executive officer, who then pulled out of the job. The tumult leaves the troubled agency leaderless at a critical time in its bankruptcy and sale of its assets.
In a letter to Governor Ricardo Rossello, five members of the panel said they were dismayed by "petty political interests." Earlier, Rossello joined politicians and residents in decrying the $750,000 salary pledged to incoming chief executive Rafael Diaz-Granados, which they said was exorbitant in light of the island’s financial crisis and the possibility that public employees may soon face reduced benefits.