Mon. Apr 22nd, 2024

LOTTERY CEO GIVEN A 26% SALARY RAISE

SANTA FE (KSMX)- The Albuquerque Journal reported that the New Mexico Lottery Authority has given its CEO a 26% raise to his base annual pay. This has drawn criticism by those who argue the money should be going into a college scholarship program.

The salary of lottery CEO David Barden has increased from about $174,000 to $220,000 under his new three-year contract that went into effect this month. Lottery board Chairman Dan Salzwedel stated the raise is not as big as it appears because the new agreement does not include several bonus pay incentives that the previous contract offered. Barden’s agreement does include a one-time $8,800 salary retention adjustment and a severance package if he’s fired.

The state requires the lottery to direct 30% of its sales into a college scholarship program. High school graduates who meet certain criteria can get part of their tuition for state universities covered through the program.

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