pmaguire
Registered: 07/18/08
Posts: 14
|
|
| |
Reply with quote | #1 |
Today the United Way of Central Carolina (Charlotte) released a report on its internal investigation into how its former CEO, Gloria Pace King, managed to engineer a pension package so outrageously generous that she was fired when the details of the pension became public. Yes, even though the UW Board's executive committee had signed off on the plan, when it became public they threw Ms. King under the bus. Now, with this new report, they've thrown her under the bus again. According to the report, published today in the Charlotte Observer, Ms. King manipulated details of her proposed pension payout to triple its value. Basically, what the UW Board is saying is "she fooled us." Right. Under the bus again, Ms. King. Meanwhile, the United Way of America is conducting a survey of all local United Ways to make sure the King pension story in an anomaly. The UWA will no doubt conclude that the remuneration and retirement plans at other United Ways are reasonable and customary. Guess how many nonprofit professionals outside of the United Way would agree with that assessment. |
| Loading... | | |
SteveH
Registered: 08/26/08
Posts: 7
|
|
| |
Reply with quote | #2 |
Well stated, Paul. This was the same board that defended King vehemently just 6 months ago, asserting that she was the best UW CEO in the nation and that she was single-handedly responsible for their $42 mil in revenue last year.
As a Charlotte resident, I suspected for years that she was no angel, but her compensation and benefits deal was not ultimately her doing (although she did purposefully delay submission of their IRS 990). She requested and persuaded key people to approve her recommendations, and a four member UW executive compensation committee approved it. Most of the 63 member (!) general board was apparently clueless about the package.
IMO, most on the board are serving at the behest of their large corporate employers to reap publicity of theirs and their employers supposed goodwill. It should be noted that the editor of the Charlotte Observer daily paper resigned her UW board position shortly after it became obvious that it wasn't going away. Up until that point, the Observer was meek in their coverage, while Stuart Watson of WCNC-TV spearheaded the initial investigation and the expose.
Charlotte is a forgiving and accommodating community. In 2-3 years it will appear as though none of this ever happened, and UW will be operating business as usual. It's my bet that they haven't learned a thing from this.
|
| Loading... | | |
