If you're making $250,000 annually as the superintendent of the second largest public school system in the United States, you should NOT accept $150,000 in annual compensation to sit on the board of a publicly traded education company that makes millions of dollars a year from your district.
LA Unified School District Superintendent Ramon Cortines resigned from the board of Scholastic Inc.(SCHL) after word got out about this slightly inappropriate situation. It will be high comedy to hear him explain it....
From the LA Times:
Scholastic provides the district's primary reading intervention program for high schools. And, as of this year, Scholastic's program also became a key component for middle schools. The company has earned more than $5.2 million from the L.A. Unified School District since Cortines joined the school system as its No. 2 administrator in April 2008. He became superintendent in December 2008.
Cortines is paid $250,000 a year by L.A. Unified. The superintendent's brief letter to Scholastic's president and chief executive officer, Richard Robinson, read as follows:
"Per my telephone conversation with you and attorney Andy Hedden on Thursday, February 18, 2010, this correspondence serves as a formal notice of resignation from the corporate board at Scholastic Corporation. A hard copy of this correspondence has been mailed to you."
Copies of the letter were sent to members of the Board of Education.
Board members had been placing no pressure on Cortines to resign from Scholastic last week, but it's unclear whether their views changed in the wake of increased public awareness of the matter.According to the company's proxy filing he's been there since 1995:
Also in that proxy is a description of Cortines' "contributions" to public schools earlier in his career. You wonder how many other shady deals there are among his other 21years as a school superintendent across the country, and how much $$$ was funneled Scholastic's way beyond what's in the LA Times story....
Ramon C. Cortines. Mr. Cortines was appointed as the Superintendent of the Los Angeles Unified School District on January 1, 2009. In 2008, he held the position of Senior Deputy Superintendent of the Los Angeles United School District. Prior to his appointment as Senior Deputy Superintendent, he served as the Deputy Mayor for Education, Youth and Families for the City of Los Angeles, CA. He was an independent Education Consultant from 2001 to 2006. Since 1956, in addition to his current position, Mr. Cortines has served five additional school districts, including as Superintendent of Schools for Pasadena (11 years), San Jose (2 years), New York City (2 years) and San Francisco (6 years).
Among Cortines' important contributions at Scholastic are his multiple committee responsibilities, as a member of the following:
Human Resources and Compensation Committee.
Nominating and Governance Committee
Stock Grant Committee.
Copyright 2010 AlphaNinja