- Banned
- #1
To take the appropriate lead in these cost reductions, President and Chief Operating Officer Larry Kellner, who becomes chairman and CEO at the end of this year, has agreed, effective Feb. 28, 2005, to reduce both his base salary and his annual and long-term performance compensation by 25 percent. Also effective on that date, Executive Vice President Jeff Smisek, Continental's president-elect, has agreed to reduce both his base salary and his annual and long-term performance compensation by 20 percent. Both Kellner and Smisek will also decline to accept their annual bonus if earned for 2004.
Additionally, the company's three other most senior executives (Jim Compton, executive vice president-marketing; Jeff Misner, executive vice president and chief financial officer; and Mark Moran, executive vice president-operations) have agreed to reduce both their base salary and their annual and long-term performance compensation by 20 percent, effective Feb. 28, 2005
Continental employees' contributions will represent an investment in their future, as their participation helps assure their long-term careers at Continental. The company will offer eligible employees enhanced profit sharing programs that will allow them to share more significantly in the company's future success. Also, Continental will continue its on-time performance, perfect attendance and other incentive programs that provide a positive financial benefit to both employees and the company.
Additionally, the company's three other most senior executives (Jim Compton, executive vice president-marketing; Jeff Misner, executive vice president and chief financial officer; and Mark Moran, executive vice president-operations) have agreed to reduce both their base salary and their annual and long-term performance compensation by 20 percent, effective Feb. 28, 2005
Continental employees' contributions will represent an investment in their future, as their participation helps assure their long-term careers at Continental. The company will offer eligible employees enhanced profit sharing programs that will allow them to share more significantly in the company's future success. Also, Continental will continue its on-time performance, perfect attendance and other incentive programs that provide a positive financial benefit to both employees and the company.