New state economic development official will earn $340,000, 11 percent more than previous CEO
RICHMOND -- A new CEO at the Virginia Economic Development Partnership – the agency that recently received a scathing review from state auditors – will earn $340,000 plus benefits, according to the agency. That is an increase of about 11 percent from the previous CEO’s salary.
The partnership’s board, appointed by the governor and General Assembly, on Monday announced it is hiring Stephen Moret for the job. Moret is the president and CEO of the Louisiana State University Foundation and was previously the secretary of economic development to former Louisiana Gov. Bobby Jindal.
Gov. Terry McAuliffe and Barry DuVal, CEO of the Virginia Chamber of Commerce, issued written statements praising the hiring of Moret.
Mismanagement and lax oversight at the economic development partnership have left the state vulnerable to fraud for more than two decades, according to a report this month by the Joint Legislative Audit and Review Commission, the state’s legislative watchdog.