Thursday, September 18, 2014

VPA commissioners set performance metrics for port leader

The Virginia Port Authority Board of Commissioners has developed a list of incentive metrics that will be used to evaluate Port of Virginia CEO and Executive Director John Reinhart's performance, and could ultimately determine whether he will receive a 50 percent raise in pay.

Even though the VPA is still operating at a loss, many board members and state officials have been impressed with Reinhart's leadership at the port.

Former members of the port authority board set Reinhart's salary at $450,000 before he started the job in February 2014. After his first year, the salary will go up to $618,750 annually. If Reinhart achieves certain performance targets, his contract stipulates that he will be eligible to receive another $56,250 that could bring his salary up to $675,000.

John Milliken, chairman of the VPA board, said a vote on the executive director's salary could occur in January, a month prior to his one-year anniversary.

"Each year will be a little different in terms of the goals we will set for him," Milliken said. "We're not far enough along in the year to have the numbers to apply to each one of those things. Although his year officially ends in February, we may try to do it during our January meeting and do it based on end of December numbers."

Some of the incentive goals have been met, or are in the process of being achieved, including bringing losses below $16.6 million, and managing and addressing the VPA's debt that includes payments to the former APM Terminals Virginia facility, now called Virginia International Gateway.

Reinhart s expected to address a number of operational goals, including optimizing facility use at the Norfolk International Terminal, and the Newport News and Portsmouth terminals. He will also submit options for long-term lease improvements with the Virginia International Gateway.

The port continues to set record container volume. Reinhart said the port handled 214,335 TEUs, in August for an 8.1 percent increase year-over-year increase. Year-to-date, container volume is at a record 1,558,781 TEUs, up 6.9 percent year-over-year.

"These are all-time record results," said Reinhart.

For more of the Daily Press story: dailypress.com


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