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TransLink back on the hunt for new CEO; offering new compensation package

WATCH: TransLink is promising its next CEO will be paid less than the last one. Catherine Urquhart reports.

TransLink says they are starting their search again for a new CEO but this time it will come with a new compensation package.

The Mayors’ Council on Regional Transportation approved the new package which will see the bonus plan and vehicle allowance removed and a salary range of $325,092 to $406,364. The salary does not take into account pension or benefits like medical, dental or extended health.

Not only will the new transportation CEO be falling on tough times but so will TransLink’s executives, who will also have their car allowances eliminated.

The Mayors’ Council did a “comprehensive analysis” to put together the new CEO’s salary range.

TransLink said in a statement they have “achieved roughly $2 million in annual savings by cutting executive and senior management salary costs over the past two years.”

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TransLink CEO Compensation

In 2014, the CEO earned a base salary of $319,244, earned $97,671 in bonus payments and received $18,100 in car allowance; which totals $435,015 for the year.