JUNEAU, Alaska (AP) - The president of the state-sanctioned Alaska Gasline Development Corp. received performance bonuses totaling nearly $300,000 for work the past two years, the corporation confirmed Monday.
Tim Fitzpatrick, a corporation spokesman, said the board conducted performance reviews for president Keith Meyer and a three-member executive committee decided on the amounts. He said the money was awarded in late December.
Fitzpatrick noted Meyer is eligible for performance bonuses of up to $200,000 annually under his contract. Meyer has a $550,000 base annual salary. His three-year contract began in June 2016.
The total broke down to a performance bonus of about $139,000 for Meyer’s first year and about $157,000 for his second, according to another spokesman, Jesse Carlstrom.
Fitzpatrick said Meyer offered to take his bonuses as stock in a corporation subsidiary at a future date when the subsidiary would issue stock. But he said the board opted to award the cash bonuses.
The corporation is pursuing a major liquefied natural gas project.
Meanwhile, Gov. Mike Dunleavy announced Monday he was replacing two of the board’s members, Hugh Short and Joey Merrick. He appointed Doug Smith and Dan Coffey in their places.
Smith, according to a biography released by Dunleavy’s office, has been involved in oil and gas and construction industries for more than 25 years. Coffey is a former Anchorage Assembly member. The appointments are subject to legislative confirmation.
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