US Execs Receive Millions

missthe727

Senior
Dec 19, 2006
313
35
For Immediate Release

US AIRWAYS EXECUTIVES RECEIVE MILLIONS IN STOCK
WHILE PASSENGERS CONTINUE TO BE NICKEL AND DIMED


Washington, DC - Flight attendants at US Airways, represented by the Association of Flight Attendants-CWA (AFA-CWA), are outraged over the announcement that seven of the airline's top executives were recently awarded stock appreciation grants totaling millions of dollars. On August 5, 2008, less than one week after US Airways began charging passengers two dollars for non-alcoholic beverages, the company's Board of Directors Compensation Committee approved over 800,000 shares as part of the airline's "Equity Incentive Plan". Chairman and CEO Doug Parker received 275,000 shares.

The stock appreciation rights have an exercise price of $6.70, the fair market value of the company's common stock on the date of grant. The stock appreciation rights have a seven year term and vest in one-third increments on each of the first three anniversaries of the date of grant. The stock appreciation rights also become fully vested upon termination due to death, disability, retirement, or in the event of a change in control of the company.

"It is disheartening to watch US Airways top executives enrich themselves with 'performance' based stock awards while flight attendants continue to work under a bankruptcy driven contract that slashed wages and eliminated pensions and benefits," said US Airways East AFA-CWA President Mike Flores. "While US Airways has improved its on time performance, the airline still ranks number one in customer complaints which makes it even harder to justify this 'performance' bonus."

US Airways West AFA-CWA President Lisa LeCarre, who represents the America West flight attendants of US Airways added, "While management has every right to award themselves performance based stock grants, it is a slap in the face to the hard working flight attendants who are facing job losses and have not received a simple cost-of-living increase in almost six years. It is also an affront to the passengers being nickel and dimed for such comforts as a glass of water. When will corporate America understand the devastating effects of this erosion on public and employee moral and trust?"

For over 60 years, the Association of Flight Attendants has been serving as the voice for flight attendants in the workplace, in the aviation industry, in the media and on Capitol Hill. More than 55,000 flight attendants at 20 airlines come together to form AFA-CWA, the world's largest flight attendant union. AFA is part of the 700,000-member strong Communications Workers of America (CWA), AFL-CIO. Visit us at www.afanet.org.

~~~~~~~~~~~~~~~~~
 
no surprise at all, just shows what kind of trash we are dealing with here,maybe he will use some of it to hire a driver so he won't make a monkey of himself and the company yet again
 
It's like the 90's but no value offered for the high fares. I am going to SFO and FC airfare is like $2K+...why anyone would pay US that amount of money for its crappy service levels is beyond me. If it is a non-stop you want, then fly UA. I will probably take CO or AA. Plane Rediculus.
 
It's like the 90's but no value offered for the high fares. I am going to SFO and FC airfare is like $2K+...why anyone would pay US that amount of money for its crappy service levels is beyond me. If it is a non-stop you want, then fly UA. I will probably take CO or AA. Plane Rediculus.

Well said! I'll enjoy reading your complaints about those carriers on the appropriate board. We'll miss you, but are glad that you are taking your business where you feel it's most appreciated. I guess we'll look for you over at UA or CO or AA since you aren't flying US anymore.

Safe Travels!
 
Well said! I'll enjoy reading your complaints about those carriers on the appropriate board. We'll miss you, but are glad that you are taking your business where you feel it's most appreciated. I guess we'll look for you over at UA or CO or AA since you aren't flying US anymore.

Safe Travels!
Bet she takes the non-stop. It's the firms money, after all.
 
For Immediate Release

US AIRWAYS EXECUTIVES RECEIVE MILLIONS IN STOCK
WHILE PASSENGERS CONTINUE TO BE NICKEL AND DIMED


Washington, DC - Flight attendants at US Airways, represented by the Association of Flight Attendants-CWA (AFA-CWA), are outraged over the announcement that seven of the airline's top executives were recently awarded stock appreciation grants totaling millions of dollars. On August 5, 2008, less than one week after US Airways began charging passengers two dollars for non-alcoholic beverages, the company's Board of Directors Compensation Committee approved over 800,000 shares as part of the airline's "Equity Incentive Plan". Chairman and CEO Doug Parker received 275,000 shares.

The stock appreciation rights have an exercise price of $6.70, the fair market value of the company's common stock on the date of grant. The stock appreciation rights have a seven year term and vest in one-third increments on each of the first three anniversaries of the date of grant. The stock appreciation rights also become fully vested upon termination due to death, disability, retirement, or in the event of a change in control of the company.

"It is disheartening to watch US Airways top executives enrich themselves with 'performance' based stock awards while flight attendants continue to work under a bankruptcy driven contract that slashed wages and eliminated pensions and benefits," said US Airways East AFA-CWA President Mike Flores. "While US Airways has improved its on time performance, the airline still ranks number one in customer complaints which makes it even harder to justify this 'performance' bonus."

US Airways West AFA-CWA President Lisa LeCarre, who represents the America West flight attendants of US Airways added, "While management has every right to award themselves performance based stock grants, it is a slap in the face to the hard working flight attendants who are facing job losses and have not received a simple cost-of-living increase in almost six years. It is also an affront to the passengers being nickel and dimed for such comforts as a glass of water. When will corporate America understand the devastating effects of this erosion on public and employee moral and trust?"

For over 60 years, the Association of Flight Attendants has been serving as the voice for flight attendants in the workplace, in the aviation industry, in the media and on Capitol Hill. More than 55,000 flight attendants at 20 airlines come together to form AFA-CWA, the world's largest flight attendant union. AFA is part of the 700,000-member strong Communications Workers of America (CWA), AFL-CIO. Visit us at www.afanet.org.

~~~~~~~~~~~~~~~~~

This is just one more shining example of how the BOD's, Ceo's, and executives in this country and elsewhere have lost their moral barometer when it comes to executive compensation.

We have lost millions and are bleeding red ink all over the tarmac and these creeps pat themselves on the back and award themselves stock grants.

Gluttony is one of the Seven Deadly Sins.

:angry:
 
We have lost millions and are bleeding red ink all over the tarmac and these creeps pat themselves on the back and award themselves stock grants.
Considering that management has not been overly helpful in passing on the truth, I sometimes wonder if US is truly "bleeding red ink". If US were failing, why would the "execs" be getting such giant compensation packages?

Did you ever consider that, maybe, things are different from what you seem to believe?
 
Why run an airline when you can loot it?
But, Bob. If they didn't loot the airline, they might have to show a profit and would then be forced to pay icky taxes and all. Those darn employees might actually think they are worth more than dirt, even!!!

Can't have uppity!
 
Why shouldn't they get millions....thinking up the plan to charge for cokes was GENIUS....well worth a few million <_<

Think how much they will get if they think up a really good idea.....LOL
 
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