The board of directors of the Southeastern Economic Development Corp., which is at the center of a growing scandal over the $1 million the agency paid its employees in bonuses and extra compensation over the last five years, will meet Wednesday.
The Mayor’s Office has indicated that the board will convene in closed session to discuss calls for the agency’s president, Carolyn Y. Smith, to resign or be terminated. Smith resisted Friday’s call by the mayor and three members of the City Council for her to resign.
The board of directors can terminate Smith’s contract. If she is forced out by the SEDC board, Smith could receive between $200,000 and $300,000 in severance pay.
The board will also discuss, in open session, any recommendations made by SEDC’s Personnel and Budget Committee, which meets tomorrow. According to the board meeting agenda for Wednesday, that committee is due to discuss “employee compensation policies,” but I couldn’t find an agenda for the Personnel and Budget Committee meeting on SEDC’s website.
A voiceofsandiego.org investigation earlier this month uncovered a system of hidden bonuses for SEDC employees, sparking a widening probe into SEDC by the Mayor’s Office.
The general board meeting takes place on Wednesday at 5 p.m. at the SEDC headquarters, 4393 Imperial Ave., Suite 200.
Here’s the agenda for that meeting, along with the minutes from the previous board meeting, which was on June 25.