(Valley Metro)

Stephen Banta

Valley Metro Boards of Directors members detailed the terms of the outgoing CEO’s departure Monday. Stephen Banta submitted his letter of resignation two weeks ago after questions surfaced about his business expenses.

The board clarified that Banta will be paid his remaining vacation time and his full annuity of more than $200,000. His resignation will be effective January 4, 2016. Jenn Daniels is both a Gilbert council member and a Valley Metro Regional Public Transit Authority Board member.

“This is the best opportunity we have as a board to move forward," she said. "This is the best opportunity we have to hold any complacent or complicit parties responsible.”  

The board also rejected a separation agreement Monday, the details of which weren’t made public. Banta said in a statement he is considering his options on how to move forward.

More Coverage

• Valley Metro Boards Vote Unanimously To Accept CEO's Resignation

• Valley Metro CEO Resigns