Posted: Nov 9, 2012 6:45 PM
Source: Associated Press
BATON ROUGE - Insurance Commissioner Jim Donelon has rejected a $50,000 pay raise for the top executive of Louisiana's state-run property insurance company.
Donelon said Friday that he won't sign off on the raise for Richard Robertson, CEO of the Louisiana Citizens Property Insurance Corp. The salary hike would have increased Robertson's annual pay from $240,000 to $290,000.
Citizens' board of directors backed the pay bump Thursday, but it required Donelon's approval to take effect.
Treasurer John Kennedy and others called the raise inappropriate when the company is $56 million short of the cash it needs to cover expenses.
Donelon said he heard concerns about the salary increase from several lawmakers who noted that state employees haven't had general raises in the last three years. But he called Robertson's work exemplary.