Rick Piccolo to stay on three more years at SRQ as president and CEO

A few months ago, Rick Piccolo, president and CEO of Sarasota Bradenton International Airport, shared with his bosses that he was thinking about retirement.

Piccolo, who has been at the helm of the airport for 22 years, is 65 and his contract expires in June 2018.

Members of the Sarasota Manatee Airport Authority wanted to stay the course with Piccolo and asked fellow commissioner Carlos Beruff to sit down with the airport chief to see if they could hammer out a new contract.

Monday, Beruff brought back a proposal that would extend Piccolo’s contract for three years and keep him on as an consultant two years beyond that.

Under the proposal, Piccolo’s contract would be extended to June 30, 2021. There would be no increase to his pay, which is now $297,612 a year.

His compensation as a consultant beyond 2021 would be $60,000 a year.

The compensation package does include several performance-based clauses.

One clause would forgive monthly installment payments on Piccolo’s $233,000 home mortgage, a note held by the authority. The forgiveness is contingent on Piccolo being able to negotiate contract extensions from airlines that use Sarasota Bradenton International Airport.

The airline agreements are due to expire Sept. 30, 2018. If Piccolo secures five-year extensions on the leases from at least two airlines or four airlines sign an extension of at least three years, the airport authority will forgive monthly installment payments on the home mortgage.

In addition, if Piccolo is able to secure five-year extensions from at least four airlines, he would be eligible for a bonus.

Airport commissioners unanimously signed off on the new contract, citing the fact that the airport is one of the few in the country that is debt free, has remodeled and modernized the terminal and roadway system, and has $20 million in reserves.

In addition, the airport is in the midst of $25 million in capital projects, including new T-hangars, a North Quad Access Roadway, the purchase of new jet loading bridges, and completion of the new air traffic control tower.

In other business Monday, commissioners elected Bob Spencer, who has served on the authority for 2 1/2 years, as the new chairman, replacing John T. Stafford. Peter Wish was elected vice chair, and Doug Holder was elected secretary.

This story was originally published November 20, 2017 at 3:57 PM with the headline "Rick Piccolo to stay on three more years at SRQ as president and CEO."