- Aug 30, 2002
- 9,464
- 14,119
Southwest CEO Kelly Volunteers For Pay Cut
Disclosure Filed With SEC A Day After Posting Q1 Loss
A Proxy Statement drafted for Southwest Airlines' Annual Meeting of Shareholders and submitted to the US Securities and Exchange Commission provided details of compensation given its executive officers, including a voluntary cut in salary by CEO Gary Kelly:
"Given the Company's actual first quarter 2009 results, Mr. Kelly himself elected to voluntarily reduce his base salary by 10 percent, effective April 1, 2009 and until such time as the Company's quarterly results improve."
Reuters reports in addition to a base salary of $465,000, Kelly received bonuses and compensation giving him a total income of almost $1.7 million in 2008. Last Thursday, SWA posted a $91 million loss in this year's first quarter, compared to a net income of $34 million during the same period in 2008.
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CEO Compensation*:
Douglas Parker
US Airways
$11.34 million
Gary C. Kelly
Southwest
$1.21 million
*For Fiscal Year 2007. Source: Forbes, 4.30.08
Disclosure Filed With SEC A Day After Posting Q1 Loss
A Proxy Statement drafted for Southwest Airlines' Annual Meeting of Shareholders and submitted to the US Securities and Exchange Commission provided details of compensation given its executive officers, including a voluntary cut in salary by CEO Gary Kelly:
"Given the Company's actual first quarter 2009 results, Mr. Kelly himself elected to voluntarily reduce his base salary by 10 percent, effective April 1, 2009 and until such time as the Company's quarterly results improve."
Reuters reports in addition to a base salary of $465,000, Kelly received bonuses and compensation giving him a total income of almost $1.7 million in 2008. Last Thursday, SWA posted a $91 million loss in this year's first quarter, compared to a net income of $34 million during the same period in 2008.
--------------------------------------------------------------------------------
CEO Compensation*:
Douglas Parker
US Airways
$11.34 million
Gary C. Kelly
Southwest
$1.21 million
*For Fiscal Year 2007. Source: Forbes, 4.30.08
