Eades resigns from IDA post

 

Mike Eades resigned his position as Executive Director of the Halifax County Industrial Development Authority yesterday morning during a specially called meeting of the IDA. Eades had held the position for the past three years, with his contract expiring at the end of this past March. Board members accepted Eades' resignation on a unanimous vote and voted to continue his base salary in the annualized amount of $105,575 for 120 days, payable in semi-monthly installments on the 15th and last day of each month through July 31, 2008. (This amounts to a total payment

of $35,191.68 for the 120 day period.) In addition, Eades will receive compensation for accumulated annual

leave through April 2, 2008 and he shall continue to be paid for any holidays as established by the Authority's policies and procedures. The IDA will continue to pay the premiums for his hospitalization, major medical, prescription drugs, dental, vision care, disability, life insurance and all other programs provided under the County's employee benefits program for the 120 day period. The Authority will continue to pay the premiums to cover Mr. Eades' spouse under the hospitalization, major medical, prescription drug, dental and vision care programs for

the 120 day period. The IDA will also continue to pay the quarterly premium of $437.50 for the purpose of maintaining a supplemental term life insurance policy during the 120 days period and it will continue to pay Eades' VRS contribution and professional association dues and fees during that period. "Mike Eades has been an extremely professional individual and his efforts have enhanced our functions within this office and dealings with our prospects," Garland Ricketts, chairman of the IDA said yesterday. Patsy Vaughan, who has been with the office since it opened, was named Interim Executive Director of the IDA, a post she has filled at least twice before. "Patsy Vaughan has done an exemplary job working with prospects and we expect that will continue," Ricketts said, noting that

Eades' resignation should in no way affect some of the county's prospects for job creation. Board of Supervisors Chairman William Fitzgerald said yesterday that he understands the decision of the IDA's Board of Directors regarding payment to Eades for 120 months, although he had hoped that the payment would be limited to the end of June — the end of the county’s fiscal year. "The jobs have just not materialized under Eades' leadership," the

chairman said. "It was just not working for him. There was too much prosperity to the east and to the west of us and we were not happy with his performance." Fitzgerald said Halifax County is facing some tough times and everyone

is going to face some cuts in the upcoming fiscal year budget. "The resources are just not there and we have to prepare ourselves to hold on until the economy improves." Ricketts said "the IDA Board is committed to working with the Halifax County Board of Supervisors to continue to do our best with economic development and the creation of jobs and capital investments in Halifax County." Eades said he has enjoyed working and living in Halifax County and he hopes to be able to find another job here so that he and his wife can stay here. "We have more friends here than we have ever had," he said yesterday.