Mollie Verret Verdin
January 17, 2007
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January 19, 2007
The Greater Lafourche Port Commission Wednesday approved a 3-year contract extension for executive director Ted Falgout by a 7-2 vote.
The port director had intended to retire in December 2006, but following Congress’ decision late last year to include Louisiana in a share of offshore revenues, Falgout indicated to the board in recent weeks that he would be interested in staying at the helm.
Technically his contract expired Dec. 30, however, commissioners approved a measure extending his contract through last night’s meeting to give the board time to review the 3-year deal.
“Other than the personal requests from commissioners and business leaders to consider continuing my efforts with the port, perhaps the single most thing, is the unprecedented passage of offshore revenue sharing by Congress,” Falgout said. “This sharing of revenues is something this commission and I personally spent well over a decade in trying to achieve.
“Although very little money will be flowing to Louisiana in the short term, these next few years will be critical in shaping the program,” he continued. “The fate of our part, transportation, hurricane protection and community as a whole will lie in the details of how this program unfolds.”
According to the new deal, Falgout’s salary package n including insurance, retirement and car allowance n is over $167,000 annually. The port director’s salary was increased almost 30 percent, bringing his monetary compensation to $156,288. His previous contract paid $120,994 annually.
The pay hike is based on the average salary paid to U.S. port directors as compiled by the American Association of Port Authorities (AAPA) in its Annual Salary Survey last year.
“I have been a commissioner for 12 years and believe Mr. Falgout has been a key element to the success of the port,” commission treasurer Johnny Melancon said in a news release. “I believe in fair compensation for a track record of accomplishments.”
Under the new agreement, Falgout’s responsibilities in the coming three years will include preparing the commission for his retirement in 2010.
Six months prior to Falgout’s departure, the commission will select a successor, according to the terms of the new contract. Once that person is chosen, Falgout will train him or her in all aspects of the executive director’s job.
Port commissioners lauded praise on Falgout for his past performance.
“I have served this commission for 14 years and have seen Mr. Falgout do his ‘magic’ in Washington and find us money that we didn’t know existed,” Port Commissioner Larry Griffin said in a release. “Mr. Falgout’s knowledge of OCS revenue and involvement with decision makers at all levels can be an invaluable asset to this region.”
Commission President Donald Vizier said Falgout’s willingness to work with his successor to ensure a smooth transition after the director’s retirement was a strong selling point. “Today, the commission recognized the value of Mr. Falgout’s experience,” he said in a news release. “I thank him for giving us another three years to find a suitable replacement or hopefully train someone in-house.”
By extending Falgout’s contract, newly elected commissioner Jimmy Guidry said the board much needed time to find an experienced replacement. “Mr. Falgout has almost 30 years of experience, and it will be hard to find an executive director with expertise in our unique industry,” he said. “By Mr. Falgout staying for another three years, the commissioners will be better prepared to find someone that is qualified to replace him.”
Ted Falgout
