New CPS CEO Won't Accept Bonus

By Soyoung Kwak in News on Jun 12, 2011 4:00PM

It is no secret that Chicago Public Schools is undergoing a sizable financial crisis at the moment. CPS' main enemy is its $720 million deficit, and in light of CPS' heavy debt, CEO Jean-Claude Brizard has opted not to accept performance-based bonuses.

In an article about the crippling CPS debt and teacher salaries, the Chicago Tribune noted that Brizard's contract is still under negotiation. Even though performance-based bonuses are part of his contract drawing, the Tribune reported that Brizard appeared to be pretty adamant about putting the CPS financial crisis above his own needs:

At a taping of WBBM Newsradio's "At Issue" program to air Sunday, Brizard said his contract has performance bonuses built in, but "the bar is set quite high" and under the district's current fiscal crisis, he won't take a bonus.

"It's there and perhaps in more rich times if I deserve it...then fine," he said. "But currently, even if I were to get it, or be offered it, I would not take it given the fiscal conditions we are in..... Even if I were to move numbers astronomically, I would not accept it."

Brizard also says he has a car and will not be asking for a travel allowance. He did not discuss any compensations for moving costs.

Even though Brizard's contract isn't set in stone at the moment, Brizard disclosed that his annual salary will stay at $250,000. That's about $20,000 more than what former CEO Ron Huberman received. Details surrounding Brizard's contract will remain under wraps until the school board approves it at the end of this month.