The Metropolitan Atlanta Rapid Transit Authority’s new chief executive officer has signed a five-year contract with a base salary of $320,000 a year, the agency announced.

Keith T. Parker will take the helm as the general manager and CEO on Dec. 10.

In addition to annual pay, Parker can receive a $25,000 annuity for each year he remains in the post until June 30, 2017.

He also can be compensated for meeting or exceeding predetermined performance goals set by MARTA’s board.

“Keith Parker’s experience, political acumen and management style are an ideal fit for the unique challenges we face,” said MARTA board chairman Frederick Daniels. “He has the full faith and confidence of our board to begin the process of transforming and re-positioning MARTA for the future.”

Parker most recently was president and CEO of VIA Metropolitan Transit in San Antonio, Texas.

He is replacing Beverly Scott, who is leaving MARTA to head up the Massachusetts Bay Transportation Authority.

Scott headed MARTA since 2007. She decided not to renew her five-year contract and leaves later this year.

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