Port Board Takes Part of Blame for Executive Departures

Friday, November 20, 2009
Topics: Economy, Politics
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The Cleveland Cuyahoga County Port Authority is facing a mounting set of challenges, exemplified or, perhaps, magnified by the departure of three top level executives in the last six weeks. Today, the leadership of the port's board of directors offered a bit more information on what went wrong and what needs to happen. Ideastream's Dan Moulthrop has more.}

INTRO: The Cleveland Cuyahoga County Port Authority is facing a mounting set of challenges, exemplified or, perhaps, magnified by the departure of three top level executives in the last six weeks. Today, the leadership of the port’s board of directors offered their most candid assessment yet of what went wrong and what needs to happen. Ideastream’s Dan Moulthrop has more.

Recent criticism of the port has focused on secrecy surrounding Port CEO Adam Wasserman’s abrupt and unexplained departure. Meeting with reporters today, Board Chairman Steve Williams sought to dispel the perception of secrecy and said the board bears responsibility for Wasserman’s inability to succeed in the position he held for just two years.

WILLIAMS: I think it’s safe to say that there have been mistakes in judgement with respect to board oversight of the CEO. I don’t know if I can be more candid than that. We could have dug deeper.

Williams also outlined what he believes are the current priorities for the port. Topping the list is assisting the Army Corps of Engineers in funding a suitable location to dispose of materials dredged from the port’s shipping channel. That may cost as much as 150 million dollars and might require a tax levy. Also included on the list were recruiting interim and permanent CEOs, fiscal belt tightening that will likely include layoffs, and rehabilitation of the port’s financing capacity. The chairman said he expects the board to approve the priorities next week.