COLORADO SPRINGS, Colo. (KOAA) — Colorado Springs Utilities CEO Travas Deal is requesting a pay raise over the course of the next seven months that would make his annual salary $700,000.
On Wednesday’s Utilities Board agenda, the proposal for Deals’ pay increase says the pay raise would “align” his salary with the “2025 Large Public Power Council (LPPC) market median of $700,003.”
Deal’s current salary is $550,014. If the board, which is also Colorado Springs City Council, approves the raise, it would happen in two stages. A $74,986 raise beginning May 24 for a total annual pay of $625,000, and then on Dec. 20 of this year Deal would get another $75,000 raise to bring his annual pay to $700,000.
In what’s titled an “employment agreement amendment” in the agenda, Deal is also asking for six months of guaranteed severance if he is fired without cause.
His current contract requires a minimum of three months' severance and a maximum of six months.
News5Investigates reached out to Colorado Springs Utilities Tuesday afternoon to ask about the proposal. We will update this article as we learn more.
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