Report: Franchise Oversight Board Questions NYRA CEO’s Bonus Criteria

by | 09.16.2014 | 12:48pm
Chris Kay

The New York Racing Association's Franchise Oversight Board met Sept. 15 to discuss performance standards of the organization. The Franchise Oversight Board was created to monitor NYRA's finances before the state took control of the racing organization.

Although the agency approved a report that gave NYRA a 'passing grade' on meeting its performance standards, it did raise questions regarding the criteria used by NYRA CEO Christopher Kay's bosses on judging his performance.

According to a report in the Times Union, Franchise Oversight Board members inquired as to what criteria went into awarding Kay with a $250,000 bonus and a three percent raise on his base salary of $300,000. Board member Steven Newman said he wants to determine whether the standards used by the Franchise Oversight Board to rate NYRA's performance “mesh with the performance standards used by NYRA's board.”

Kay stated that NYRA Chairman David Skorton “embraces transparency and is a man of integrity.” Kay also indicated that his executive team also received three percent raises.

Read more in the Times Union

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