Staff report
Published Nov. 16, 2011

The S.C. State Ports Authority board approved a new seven-year contract for CEO Jim Newsome and raised his pay from $300,000 to $350,000 during its monthly meeting Tuesday.

Ports authority spokesman Byron Miller said Newsome’s contract was set to expire in September 2012.

S.C. State Ports Authority President and CEO Jim Newsome

“This was a good thing,” Miller said, adding the board agreed Newsome has gotten the port back on track.

During the State of the Port address later that night, Newsome said he was humbled by the contract.

Board members also received financial results for the fiscal year 2012 through October. Operating revenues increased from $40.4 million during the same period last year to $43.6 million this year, though operating earnings fell 26% to about $6 million.

Pier containers were nearly even with the same period at last year, falling 1%, while Charleston pier tons rose 75% to about 300,000 tons.

The board also ratified two commitments, one to Bridgestone Americas for $2.5 million and another to Continental Tires for $5 million, for a publicly owned roadway, utility and other infrastructure improvements at the companies’ facilities.

The companies will benefit the port through its relationship, according to a board presentation. The Port of Charleston is the nearest port to both facilities and expects increased volume in exports and imports, including plant equipment and raw materials.