Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Q&A: John Reinhart, new Virginia Port Authority CEO
http://hamptonroads.com/2014/03/qa-john-reinhart-new-virginia-port-authority-ceoQ&A: John Reinhart, new Virginia Port Authority CEO
By Robert McCabe
The Virginian-Pilot
© March 2, 2014
NORFOLK
John Reinhart, the new CEO of the Virginia Port Authority, was blunt when discussing the authority’s financial difficulties in his “State of the Port” remarks last month.
“We’ve got to stop the bleeding,” he said. “We lost $10.5 million in the first six months. It’s going to get worse.”
~snip~
“If you look at the first seven months, the losses were more than we reported at the ‘State of the Port,’ because January was just being finalized,” he said.
“And so we’re now looking at a hurdle of about $15.7 million of losses in seven months. Simplified, that’s a $71,000 a day burn rate. So we have to come up with solutions to cut that $71,000 a day back to zero.”