Posted: Nov 9, 2012 11:52 AM by AP
BATON ROUGE, La. (AP) - Treasurer John Kennedy is urging rejection of a proposed $50,000 pay raise for the top executive of Louisiana's state-run property insurance company.
Kennedy said Friday that he's hoping Insurance Commissioner Jim Donelon will refuse to sign off on the raise for Richard Robertson, CEO of the Louisiana Citizens Property Insurance Corp.
If Donelon backs the raise, Kennedy said he'll ask the Citizens board of directors to reverse its backing of the salary bump, which will increase Robertson's annual pay from $240,000 to $290,000.
Approval of the pay raise came at the end of the Citizens' board meeting Thursday though the item hadn't originally been listed on the board agenda.
It also came after the board was told the state-run insurance company has a $56 million deficit.