In a significant move on Friday, the Amarillo Economic Development Corporation (AEDC) Board of Directors unanimously approved a separation agreement with President and CEO Kevin Carter. The decision, which took effect immediately, marks the end of Carter's leadership at the organization after more than five years at the helm.
The separation agreement was proposed during an emergency board meeting, following a lengthy two-hour executive session. AEDC Board member Howard Smith made the motion to authorize Board Chair Alex Fairly to execute the agreement, which included provisions for Carter's base salary but no performance bonus. The motion passed without opposition.
After the vote, Fairly thanked Carter for his service, acknowledging his contributions to both the AEDC and the city of Amarillo. "I think it’s been a little over five years, Kevin. A lot of good work has been done. On behalf of the AEDC board and Amarillo, we want to tell you thank you and wish you the very best going forward," Fairly said.
Carter, who joined AEDC in April 2019, led the organization through several accomplishments, including earning the Texas Economic Development Council’s Workforce Excellence Award for three consecutive years starting in 2021. In 2023, he was named one of North America's Top 50 Economic Developers by Consultant Connect. However, his departure comes amidst a period of scrutiny and organizational changes within AEDC.
The recent leadership transition follows a series of events that have rocked AEDC. In August 2024, the Amarillo City Council initiated an investigation into the organization's financial activities, particularly a $750,000 wire transfer to The Range, a nonprofit where Carter also serves as secretary. This inquiry led to a broader audit of AEDC’s finances and a restructuring of its bylaws and Articles of Incorporation. The situation reached a boiling point in November 2024, when multiple AEDC board members resigned, citing damage to Amarillo's economic development efforts amid the city’s investigation.
As part of an ongoing effort to restore confidence in AEDC, the Amarillo City Council recently approved new bylaws and the replacement of the Articles of Incorporation, signaling a commitment to clearer governance and greater oversight. This decision comes alongside approval of AEDC's 2024/2025 fiscal year budget, and continued efforts to reshape the organization’s leadership and structure.
Though the board did not specify a timeline for appointing a new president or interim leader, the changes at AEDC are part of a broader effort to ensure transparency and accountability within the organization. As the city moves forward, stakeholders will be closely watching how these leadership changes will impact Amarillo's economic development initiatives and the local business community.
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