Edinburg EDC director has a “Golden Parachute”

By Gregg Romero Wendorf

EDINBURG -- Thanks to a new five-year employment agreement inked June 30, 2017, approximately four months before this city’s recent municipal election, Edinburg EDC Executive Director “Gus” Garcia has no worries, financially speaking. In the Wall Street vernacular, Garcia has what is known as a “Golden Parachute,” which is defined as: “The lucrative benefits that an employee would receive if he is terminated.” (Source: Investopedia.com.)
In Garcia’s case, if the new Edinburg EDC board of directors decides it wants someone new to lead the city’s economic development, it will have to pay the current EDC director a full two-year’s salary for the privilege, which in the case of “Gus” Garcia is worth “$320,000, plus benefits, plus the value of all unused sick and vacation leave. In his employment agreement, this is referred to as the “24-month severance pay.”

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