Denver airport retains former CFO as guide in $20,000-a-month contract

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Meet the high-paid guide who will advise Denver Worldwide Airport after the departure of its chief monetary officer — the previous CFO herself.
Gisela Shanahan, who stepped down in early August after serving in that place for 5 years, is shifting into work as an aviation business guide. DIA final week signed a contract with New York Metropolis-based Frasca & Associates, her new employer, that’s value as much as $468,000 over two years.
That quantities to a $19,500-a-month retainer, although the last word fee will rely upon the full billable work performed by Shanahan and two different workers accredited for the contract.
Shanahan made barely extra at DIA, the place her ultimate annual wage was about $242,000, a spokesperson stated.
It’s not unusual for high metropolis appointees who go away their jobs to be paid for challenge work or as consultants. However in granting a waiver forward of time, the Denver Board of Ethics stated the association was uncommon as a result of it was with Shanahan’s new employer, moderately than along with her straight.
DIA’s intent is to maintain Shanahan concerned in monetary planning, its administration of billions of {dollars} value of tasks — together with the underfunded Nice Corridor terminal renovation — and different accounting issues.
“DEN has made the choice to contract with Gisela Shanahan in an advisory function throughout this time of transition whereas we conduct a nationwide seek for her alternative,” CEO Kim Day stated in an announcement to The Denver Submit. “That is so we are able to proceed to have entry to mandatory fiscal experience and steering throughout this interim interval, and particularly through the challenges DEN is dealing with all through this pandemic.”
This yr’s fall-off in air journey has delivered a success to the airport’s price range. Day stated the pandemic additionally was prone to decelerate recruiting for the “essential place,” so it would take a yr or longer to have somebody in place and introduced on top of things.
For now, George Karayiannakis, a senior vp, is serving as performing deputy CFO.
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Frasca already has a separate metropolis contract to advise officers, together with at DIA, on bond issuances. The ethics board’s Aug. 27 waiver letter stated Shanahan’s contracting association wouldn’t violate revolving-door restrictions as a result of she didn’t play a task within the awarding of that contract by the town’s finance division, and he or she didn’t oversee it.
Shanahan, now a managing director at Frasca, stated when she left DIA that she and her husband deliberate to spend extra time with relations based mostly on the East Coast.

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