EcDev Corp. Settles With Ex-CEO Cudahy
May 17, 2012
(News Release) VICTORIA — The chairman of the Nanaimo Economic Development Corporation today said that the organization’s settlement with former CEO Susan Cudahy totals $75,000.
The amount includes four months' salary plus moving and other expenses.
“This matter is now closed,” says A.J. Hustins. “Until the final legal steps were completed today, we were unable to disclose the terms of the settlement.
“We have now done so, and these terms are based on provincial employment laws and practices, to which we are required to comply.”
Hustins says that the executive search firm that recruited Cudahy last year is starting a new search, “at no charge to the corporation.”
He adds that the board will “take whatever time we need” to find the best candidate to move NEDC forward.
“In the meantime, we have a strong foundation in place with a capable and committed staff,” says Hustins. “As well, our volunteer board members are keen to get on with the work we all signed up for, and that is to bring economic opportunity and investment to Nanaimo.”
Hustins appreciates the support provided for NEDC by the Chamber of Commerce and the Downtown Business Improvement Association.
He adds that NEDC will provide quarterly progress reports to city council and the public. He encourages residents to come forward with ideas they may have that will help attract new businesses to the region.