Frank Joklik will earn $280,000 a year as the head of the Salt Lake Olympic Organizing Committee - for now.
The SLOC Board of Trustees set his salary Thursday, but left for another day the question of how much extra Joklik may receive once the 2002 Winter Games are over.The salary settled on is less than the $325,000 former Olympic boss Tom Welch was making when he resigned last year after being charged with domestic abuse.
But the board's compensation committee is still figuring out how much Joklik would receive from what's described as an "incentive/retention bonus program that would be based on the success" of the Olympics.
Welch would have received $100,000 a year for life once the Games were over had he not stepped down. A similar plan was offered to two other top SLOC officials, but only one is still employed.
"I have nothing in particular in mind," Joklik said when asked about what type of bonus he expects to receive. Such a bonus would likely be tied to the financial success of the Olympics.
The salary approved by trustees Thursday is retroactive only to the first of the month, even though Joklik took over as chief executive officer and president nearly a year ago.
Joklik said he asked that he not receive any back pay, since he took the job without the expectation he would get it. "To me, what I'm doing is largely a function of public service," he said.
Joklik, who retired as the head of Kennecott Corp. in 1993, has spent about 10 years as a volunteer with the Olympic effort. Before being hired last August, he was the unpaid chairman of the SLOC board of trustees.
"He did not want to make this a controversial issue," current SLOC Chairman Bob Garff said of Joklik. And, Garff said, Joklik seems to have succeeded. "At least the rhetoric should be toned down."
With Welch, there was plenty of rhetoric over his pay. Welch himself criticized the salary he was given, saying it was about half the amount the boss of the 1996 Summer Games in Atlanta was earning.
And the public criticized the severance package worth about $1 million given to Welch when he resigned, even though Welch had rejected another million dollars offered to compensate him for his years as a volunteer.
Apparently, there was some talk of Joklik continuing in the job as a volunteer. But Garff said that wouldn't work. "We want a paid employee so we get 100 percent of time and 100 percent of his energy."
That will happen now because Joklik has taken a leave of absence as the president and CEO of MK Gold, a mining company that paid him more than $118,000 annually.
"That was under the assumption he'd be paid here," Garff said.
Just how much Joklik would get wasn't resolved until earlier Thursday, when the board's compensation committee gathered for a 7 a.m. meeting. Last month, the executive committee reviewed some potential salaries.
Joklik's salary will likely increase, in part to keep up with raises given to other SLOC employees. "This will not be the final number of the next four years," Garff said.
The salary approved Thursday was at below-market rate, according to a study done by a compensation and benefits consulting firm, Hay Management Consultants, along with a trio of independent consultants.
They determined a comparable position would pay between $375,800 and $436,700 based on the earnings of chief executive officers of past Olympic organizing committees, professional and amateur sports organizations and other businesses.