Valley Metro boards accept Banta's resignation, names Anderson acting CEO

Valley Metro's boards yesterday accepted Stephen Banta's resignation as chief executive officer and placed him on administrative leave.

Leaders from the agency's two governing bodies — the Regional Public Transportation Authority (RPTA) and Valley Metro Rail Board — will meet again on Monday to review a separation agreement, Valley Metro officials said in a press release.

Eric Anderson was named acting CEO until the boards make an official decision on an interim CEO, which is expected to occur at a Dec. 17 joint board meeting, they said.

Additionally, the boards instructed Anderson to begin the process of hiring a third-party, independent auditor to review financial policies and records, as well as compliance with and potential changes to the policies. The audit is in addition to the one being undertaken by the city of Phoenix as the region's designated federal recipient.

News of the boards' decisions comes on the heels of an investigation into Banta's finances by The Arizona Republic, which uncovered some purchases that violated Valley Metro's policies, such as buying alcoholic drinks for himself and guests.

In early 2016, Valley Metro plans to kick off a national search to find a permanent replacement for Banta.

"It's time for change in the senior leadership role," said Valley Metro Chair Thelda Williams, who also serves as a Phoenix council member and RPTA's treasurer. "We will work over the next few months to audit records and strengthen policies to ensure our expectations and the expectations of taxpayers are better met into the future."