Arizona Commerce Authority to elevate interim CEO

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Associated Press

Posted on October 17, 2012 at 2:00 AM

PHOENIX (AP) — The Arizona Commerce Authority is finally getting a new CEO and it'll be a familiar face.

The economic development organization's board voted unanimously Tuesday to have officials negotiate a compensation contract with Sandra Watson. She was chief deputy to former CEO Don Cardon and has served as interim CEO since July.

A board committee now negotiate a contract with Watson. She makes $218,000 annually as interim CEO. Cardon's salary was $300,000.

The quasi-private authority gets $35 million of state funding annually, including $25 million for grants to help attract, expand or retain businesses.

The authority took over economic development functions from the now-disbanded state Department of Commerce.

Cardon announced in January that he return to running his businesses.

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