Economics

Puerto Rico's New Electric Utility Chief to Get $750,000 Salary

Walter Higgins to leave the utility after starting in March
Prepa is seeking to reduce $9 billion debt through bankruptcy

Power Utilities Around The Island As Residents Remain In The Dark — Photographer: Xavier Garcia/Bloomberg

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By Michelle Kaske and Yalixa Rivera

July 11, 2018 at 4:02 PM UTC

Updated on

July 11, 2018 at 6:36 PM UTC

This article is for subscribers only.

Puerto Rico’s bankrupt electric utility is getting a new boss: for $750,000 a year.

Former General Electric executive Rafael Diaz-Granados will replace Walter Higgins as chief executive officer of the Puerto Rico Electric Power Authority, according to a statement from the utility. His salary, up from the controversial $450,000 base pay that Higgins garnered during his short tenure.