Bonus for exiting Ariz. Commerce head under review - East Valley Tribune: Business

Bonus for exiting Ariz. Commerce head under review

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Posted: Friday, January 20, 2012 1:06 pm | Updated: 1:06 pm, Fri Jan 20, 2012.

PHOENIX - The Arizona Commerce Authority is trying to determine whether departing CEO Don Cardon should be required to repay a $50,000 signing bonus he received from the quasi-governmental entity.

The Arizona Capitol Times reports that officials are having lawyers review Cardon's contract. Cardon is now less than a year into a three-year contract but he recently announced he will leave within several months.

An authority spokeswoman says Cardon may voluntarily return the bonus but that he wants to hear what the lawyers have to say.

Meanwhile, the head of the authority's compensation committee, Mary Peters, says the contract for Cardon's replacement likely will contain safeguards so there aren't questions in the future.

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