Make us your home page
Instagram

Tampa International CEO may get $500,000 bonus if he stays five years

To keep Joe Lopano as CEO at TIA, a plan calls for him to get a hefty bonus if he stays until 2018.

To keep Joe Lopano as CEO at TIA, a plan calls for him to get a hefty bonus if he stays until 2018.

TAMPA — If Joe Lopano stays on as CEO of Tampa International Airport for another five years until 2018, he'll get a bonus of more than $500,000 — on top of his annual $315,000 salary.

That's the proposal that the Hillsborough County Aviation Authority will consider during today's meeting. The Tampa Bay Times obtained a copy of the proposal Wednesday.

During the board's March 1 meeting, it voted 3-1 to renegotiate Lopano's contract, fearing that another airport might try to lure away its CEO. Lopano's old airport, Dallas-Fort Worth International Airport, is looking for a new CEO, and his name has been floated there as a possible candidate.

So the Hillsborough board discussed ways to keep Lopano, including a noncompete clause and additional compensation and perks. Mayor Bob Buckhorn was the only objector, and he criticized the notion of giving Lopano another raise even though he's under contract through 2016.

Lopano, who has been on the job for two years and two months, got two raises and two contract extensions last year. In January 2012, the board voted 3-2 to give Lopano a $50,000 raise. Then in October, the board voted 5-0 on a $15,000 merit raise.

There's no noncompete clause in the new contract, but the five-year requirement gives him incentive not to look anywhere else. Lopano wouldn't fully vest until after the five-year anniversary date. By that time, he would have also have made almost $1.6 million in salary.

Lopano would receive the bonus in the form of a deferred compensation plan under section 457(F) of the Internal Revenue Code. That allows organizations to make tax-deferred contributions to executives that exceed the restrictions imposed on 401(k) plans.

There are also provisions in the proposal to pay Lopano a prorated version of that $500,000 bonus before the five-year qualification period. He could still collect some of it if he is disabled on the job, or if his heirs could collect it. He could even receive some if he's terminated, depending on the circumstances.

The board is set to discuss Lopano's contract today, after a scheduled vote on Tampa International Airport's new master plan.

Tampa International CEO may get $500,000 bonus if he stays five years 04/03/13 [Last modified: Wednesday, April 3, 2013 8:19pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Water Street Tampa unveils video showing downtown's transformation

    Business

    TAMPA — Water Street Tampa, the sweeping, 50-plus acre redevelopment project in Tampa's urban core, has unveiled new images and video of what the downtown district will look like upon completion.

    Strategic Property Partners released a conceptual image of what the Tampa skyline will look like once its redevelopment of 50-plus acres of downtown will look like. [Photo courtesy of  of SPP]
  2. Florida ranks high for workplace equality between men and women

    Working Life

    When it comes to the workplace, Florida ranks fifth in terms of gender equality, a WalletHub study released Tuesday found.

    Florida ranks high in terms of equality between men and women in the workplace. Pictured is Sandra Murman, county commissioner in 2015, talking about the differences in pay between men and women. | [Times file photo]
  3. Treasury secretary's wife boasts of travel on government plane, touts high fashion

    National

    U.S. Treasury Secretary Steven Mnuchin's wife, Louise Linton, boasted of flying on a government plane with her husband to Kentucky on Monday and then named the numerous fashion brands she wore on the trip in an unusual social media post that only became more bizarre minutes later.

    Steven Mnuchin and his then- financee Louise Linton watch as President Donald Trump speaks during Mnuchin's swearing-in ceremony as  treasury secretary in the Oval Office of the White House on Feb. 13. [Mandel Ngan | AFP via Getty Images]
  4. Ford, Chinese partner look at possible electric car venture

    Autos

    BEIJING — Ford Motor Co. and a Chinese automaker said Tuesday they are looking into setting up a joint venture to develop and manufacture electric cars in China.

    In this April 23, 2016 photo, attendees take smartphone photos at a promotional event for Ford Motor Company ahead of the Auto China car show in Beijing. Ford Motor Co. announced an agreement Tuesday, Aug. 22, 2017 with a Chinese partner to look into forming a joint venture to develop and manufacture electric cars in China. [AP Photo/Mark Schiefelbein]
  5. Judge throws out $458,000 condo sale, says Clearwater attorney tricked bidders

    Real Estate

    CLEARWATER — Pinellas County Circuit Judge Jack St. Arnold on Monday threw out the $458,100 sale of a gulf-front condo because of what he called an "unscrupulous" and "conniving" scheme to trick bidders at a foreclosure auction.

    John Houde, left, whose Orlando copany was the high  bidder June 8 at the foreclosure auction of a Redington Beach condo, looks in the direction of Clearwater lawyer and real estate investor Roy C. Skelton, foreground,  during a hearing Monday before Pinellas County Circuit Judge Jack St. Arnold.  [DOUGLAS R. CLIFFORD   |   Times ]