Leadership Of Puerto Rico’s Electric Utility Crumbles Amid Power Struggle

Leadership Of Puerto Rico’s Electric Utility Crumbles Amid Power Struggle
July 13, 2018 Elijah James Logan

The leadership of Puerto Rico’s troubled electric utility — PREPA — crumbled on Thursday, as a majority of its board of directors, including its newly named CEO, resigned rather than submit to demands by the island’s governor that the new CEO’s salary be reduced. The board had named PREPA board member and former General Electric executive Rafael Díaz Granados as its new CEO just a day earlier, at an annual salary of $750,000. His appointment followed the abrupt resignation of Walter Higgins, who had served as CEO for less than four months and announced his departure Wednesday amid a cloud of controversy over his own $450,000 salary. But news of Díaz Granados’ even larger salary sparked an outcry among politicians, including Puerto Rico’s governor, who was traveling to Russia to watch the World Cup final. On Thursday morning, Gov. Ricardo Rosselló demanded the resignation of any member of PREPA’s board unwilling to cut Díaz Granados’ salary, which Rosselló called “not proportional to

Read The Full Article