JACKSONVILLE, Fla. – News4Jax is learning more about how much money JEA is going to pay its new CEO.
On Monday, an agreement was released that shows newly selected Jay Stowe will be paid $560,000 a year to run the city-owned utility.
His base salary will increase by 3% each year which works out to about a $16,800 raise yearly.
Stowe will not be entitled to any other incentive compensation and will not participate in the JEA bonus plan like other employees.
Stowe was selected by the board at the end of last month.
He will replace interim CEO Paul McElroy at the end of November.
McElroy was brought in when former CEO Aaron Zahn was fired by the board in January for his role in the failed attempt to sell JEA.
A city and federal investigation of that deal is still ongoing.