Zheng Fired, Gets Roughly $700,000, McCalla to Be LP&L Interim Director

Published 07/07 2014 11:05AM

Updated 07/07 2014 06:22PM

LUBBOCK, TX -- The Electric Utility Board which oversees Lubbock Power & Light voted unanimously Monday morning to fire Director Gary Zheng. LP&L signed a severance agreement with Zheng in May of 2012 which obligated the utility to pay him two years of salary and benefits if he were fired for any other “other than cause.”

An out-of-court settlement between the EUB and Zheng will meet the requirements of the 2012 agreement. So, the vote Monday means LP&L will pay Zheng roughly $700,000.

Specifically, officials at the meeting said $500,000 was the severance package and another $192,000 was from accrued vacation and other benefits.  

The money will come from unfilled jobs in the current budget according to information presented to the EUB by LP&L’s Chief Financial Officer Andy Burcham.

The board also voted to approve Dave McCalla as the interim Director. LP&L’s General Counsel, Todd Kimbrough, was serving as the interim Director from May 20 until this vote.

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