PortandTerminal.com, November 20, 2019
Is $465,307 too much money for the CEO at a port the size of Tampa Bay to be making? “In the private sector, you pay for talent and you get what you pay for”
TAMPA BAY, FL – On Tuesday, port commissioners voted to reward Paul Anderson with a 5 % merit-based pay raise, plus a 1.5 % cost-of-living raise that all port employees receive. The increases take Anderson’s annual pay from $436,908 to $465,307 a year.
Is $465,307 too much money for the CEO at a port the size of Tampa Bay to be making? No, not when you bench-mark what top-performing port bosses are making these days in the United States.
Port CEO pay package benchmarks
In 2018 the Port of Los Angeles’ CEO, Gene Seroka, 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. Los Angeles is, after all, America’s largest port by a longshot.
Next door to the Port of Los Angeles at the Port of Long Beach, Mario Cordero, Executive Director’s compensation scheme looks like a bargain compared to his industry colleagues. Mr Cordero’s total take-home package in 2018 was just $384,262 (salary, bonus, benefits) in 2018 according to Transparent California.
The big earner as far as Port CEO’s go is Griffith Lynch, Executive Director at Georgia Ports. His take-home package in 2018 was $640,915 in 2018.
Further up the east coast at the South Carolina Port Authority, Jim Newsome also had a good 2018. Newsome earned a $331,250 bonus combined with a new annual salary of $550,000 — a 3.8 % raise.
You get what you pay for
Over the past year, Port Tampa Bay chief executive officer Paul Anderson has welcomed the arrival of three new weekly container ships from Asia, the completion of a deep-water channel expansion that was decades in the making and the patronage of more than a million cruise ship passengers.
When interviewed about Paul Anderson’s performance leading the Port of Tampa Bay commissioner Patrick Allman had this to say:
“In the private sector, you pay for talent and you get what you pay for”
“This was just a fantastic year, and you’ve got to recognize that,” Allman said. “In the private sector, you pay for talent and you get what you pay for. … If we had accomplished just getting one ship from China I would be happy. If we had accomplished just the Big Bend Channel deepening and widening, I would be happy.”
Since 2012, when Anderson was hired, the port’s operating revenue has risen 46 %, its lease revenue is up 68 %, the number of shipping containers it handles has gone up nearly 165 % and its cargo is up more than 21 %.
Numbers like those speak for themselves.
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