This is the press release from Choctaw Electric concerning the termination of Matlock: Choctaw Electric Cooperative Board of Directors Terminates CEO Terry Matlock Board Appoints Experienced Cooperative Executive as Interim General Manager News Brief - Today the nine-member Board of Trustees for the Choctaw Electric Cooperative voted unanimously to terminate Terry Matlock as the chief executive officer and general manager of the electric cooperative. The Board’s action occurred after an ongoing investigation revealed inconsistencies in administering policies and mismanagement relative to the purchase and personal use of equipment owned by the Cooperative. Prior action of the Cooperative’s resulted in recovery of Matlock’s $1.4 million annuity. The retirement annuity is now owned by the Cooperative for the benefit of its members. The Board is also working with a tax specialist to recover personal taxes on the annuity. We apologize to our members for the fact that the cooperative has been fairly quiet for the past 10 weeks, even when customers and members were expressing concern and unhappiness with the co-op. Although it was very uncomfortable, there was a good reason for that. The Board of Trustees did not want anything to interfere with the ongoing investigation that the Board had commenced. You should now be aware that, upon recommendation of its general counsel, CEC brought in outside attorneys, investigators and forensic accountants to get to the bottom of the many issues that have been raised by both employees and by members of the cooperative. The investigators were instructed to look into matters of dishonesty or lack of accountability, wherever it might be. Those instructions covered all of the members of the Board of Trustees, the employees and the management of Choctaw Electric Cooperative. We are now able to take some significant steps, as the investigation continues. Until we can assure the membership that we have left no stone unturned, we will continue. We ask for your patience and your understanding. The Board has approved hiring Joe Harris, the retired former head of the Kay Electric Cooperative in Blackwell, Oklahoma, as the interim general manager to oversee the operations and ensure continuity of service during this time of management transition.
Posted on: Tue, 28 Oct 2014 18:34:56 +0000
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