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Vegas Tourism Boss's Retirement Gift Approved

LAS VEGAS -- A three-member compensation committee on Thursday unanimously approved a plan to award outgoing Las Vegas Convention and Visitors Authority boss Manny Cortez a $66,058 contribution to his state-backed retirement account.

The committee also took the first step toward naming the convention authority's current second-in-command, Executive Vice President Rossi Ralenkotter, to succeed Cortez as president and chief executive officer.

Cortez, 65, said last week he plans to retire from the quasi-government agency charged with promoting tourism and conventions in Southern Nevada effective July 2.

Because Cortez will be leaving the organization approximately 10 months short of 36 years' experience as a government employee in Nevada, the convention authority's vice president of human resources, Mark Olson, last week proposed Cortez be given a $79,977 retirement bonus. The payment would allow Cortez to earn a maximum annual retirement package of approximately $219,000 per year.

Olson said the bonus would reward Cortez's role in making Las Vegas one of the world's most popular travel destinations, among other community service.

Olson said Thursday the amount required to round out Cortez's state retirement plan was about $14,000 less than was proposed last week. Regardless of the change, committee member Donald "Pat" Shalmy said Cortez's past work merited the bonus.

"(Cortez) has shown great leadership through good times and bad," Shalmy said in support of Olson's proposal. Fellow compensation committee members Jim Gibson and Tony Santo agreed and the request was approved 3-0.

Cortez would have received retirement payments of approximately $214,800 per year had Olson's recommendation been rejected Thursday.

The committee members were also in unison in their support of Ralenkotter, a more than 30-year convention authority employee who recently took on many of Cortez's duties through an executive succession plan the convention authority board approved nearly two years ago.

While some have called for a national search to replace Cortez, the committee said Ralenkotter's experience and familiarity with the convention authority, Las Vegas and its leaders make him the top choice for the job.

"There are drawbacks to going outside," Santo said. "We may find someone that's qualified on paper, but there is no other city like Las Vegas.

"If we're confident that Rossi is a capable individual, we should just go ahead and move with our succession plan."

The committee recommended Ralenkotter be paid $225,000 per year, plus a $750 monthly car allowance and applicable annual performance bonuses. Its recommendation must still be approved by the full 13-member board, which is slated to discuss the item next Thursday at its annual budget meeting.

Should Ralenkotter be promoted, his current $196,913 executive vice president's position would likely remain vacant for at least a year until a successor was determined. Gibson said money saved by that job vacancy would help offset Cortez's retirement bonus and Ralenkotter's proposed $28,000 pay raise.

Copyright © Las Vegas Sun. Inc. Republished with permission.

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