CFO in USPS Relocation Scandal Retiring
Apr 24, 2000 12:00 PM , Paul M. Alberta
M. Richard Porras, one of two financial executives the U.S. Postal Service spent nearly $250,000 to relocate less than 50 miles from its headquarters, announced his sudden retirement as chief financial officer and executive vice president Friday.
In a brief statement sent to various news organizations, Porras said "after a fulfilling 37-year carrier" he is "retiring from the Postal Service to pursue opportunities in the private sector."
While the statement did not indicate when the retirement would be effective, Porras told Direct Newsline in a brief conversation that he "will figure that out in the next couple of days or so."
Porras, who would not say what prompted his sudden decision to leave his $151,800-a-year job, said he would stay on until a successor is named.
Porras, a native of Los Angeles, joined the USPS in 1967 and worked his way up through the ranks serving in various positions in California, Tennessee and New Jersey before he was named USPS Controller in 1986.
A little over a week ago a storm erupted around Porras and John Ward, vice president, finance, when published reports revealed that the USPS last year spent nearly $250,000 last year to move the two men into new homes in order to cut their commuting time to work.
Under existing rules, the USPS pays to relocate promoted employees and executives if they live more than 50 miles from their new job. The cost of those moves generally runs between $800 and $95,000.
According to the reports, the USPS spent $142,311 to move Porras further from USPS headquarters, but closer Dulles International Airport and to Potomac, where the USPS operates a training academy.
Ward's 30-mile move, which cost $105,817, puts him three miles from USPS headquarters, cutting his commute to five minutes.