PortandTerminal.com, October 2, 2019
LOS ANGELES, CA – The Port of Los Angeles is America’s #1 container port. In 2018 Los Angeles handled 9.5 million teu which represented almost 20% of all of America’s total container traffic. In the fiscal year 2018, the port had operating revenue of almost half a billion dollars. It’s a huge operation by any measure.
Surprisingly though, for an operation as large as Los Angeles’ port is, its top executives really aren’t paid that much when you compare their salaries to what other top execs in America are making.
Case in point. Gene Seroka is the Executive Director of the Port of Los Angeles and is the top dog there. In 2018 Seroka’s total compensation package was $474,523. That’s a lot of money, but it’s not a huge amount of money for a port the size of Los Angeles to be paying its top executive. In fact, it’s not much at all when compared to some of the outrageous salaries other CEOs and Execs are being paid in America.
Highest paid CEOs in America (2018)
Do Gene Seroka and the other top execs at America’s largest ports deserve a raise? We think so. America’s ports are of such strategic and economic importance that it is mission-critical to ensure that its senior management never has reason to look to jump ship for a higher paid job elsewhere.
Over the past several weeks PortandTerminal.com have run articles on what the execs at several of America’s largest ports earn. Our main findings are this:
- Unions at Ports keep wages higher than the local market average for markets that they are located in.
- Pilots at ports earn more than the people who run the ports.
- Senior port execs are paid far less than they could earn in private industry.
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