AMR Corp. quantifies payouts that angered unions

[Hatu]

NEW YORK, April 21 (Reuters) - Three American Airlines executives reaped payouts of over $1.5 million each from a stock-based incentive plan which angered the top U.S. carrier's unions earlier this year, according to a regulatory filing on Friday.

http://yahoo.reuters.com/stocks/QuoteCompa...ol=AMR.N&rpc=44

 

[AMFAMAN]

NEW YORK, April 21 (Reuters) - Three American Airlines executives reaped payouts of over $1.5 million each from a stock-based incentive plan which angered the top U.S. carrier's unions earlier this year, according to a regulatory filing on Friday.

http://yahoo.reuters.com/stocks/QuoteCompa...ol=AMR.N&rpc=44

So the chest pounding of the twu a few weeks back that "we stopped the bonuses" really didn't happen. Why am I not surprised.
BTW... Garton has been cashing in alot this year, wonder if is getting ready to bail out?

 

[local 12 proud]

BTW... Garton has been cashing in alot this year, wonder if is getting ready to bail out?

would'nt come as any surprise, Im sure he could go test the waters with the assurance of a sweet bonus and pay raise if he should ever decide to return... <_<

 

[Ken MacTiernan]

I was told that there was language for executive pay written prior to the concessions that allows the company to pay executives what they are getting.

 

[AMFAMAN]

I was told that there was language for executive pay written prior to the concessions that allows the company to pay executives what they are getting.

Funny how in their moment of need 3 years ago, they were able to keep their own bonus language intact, not to mention the SERP while gutting their workers and sending them into personal BK. Shared what!!!

 

[TWU informer]

WE'LL GET 'EM NEXT TIME B)

 

[TIME FOR CHANGE]

They get 1.5 million we get 25 dollars a month.
You have to love the math. :blink:

 

[Ken MacTiernan]

They get 1.5 million we get 25 dollars a month.
You have to love the math. :blink:

It's not math... it's an insult!

"Shared Sacrifice"? Riiiiight. I just filled up my truck yesterday at $3.01 9/10ths a gallon. It cost me $49.00.

My point is that the AIP checks should be used for something better than insulting AA's employees. On the very first AIP checks most all AMTs here mailed a personal check for the amount we received back to Mr. Arpey. He in turn returned them back to our individual homes. We all signed a letter saying we were insulted recieving these checks after the "Shared Sacrifice" we endured.

Now, other than taking all these $25.00 AIP checks and putting them into executive bonuses how could this money be better spent? Any ideas?

 

[Wretched Wrench]

Letter from Little on Future Extra Management Compensation:

------------------------------------------------------------------------

June 25, 2003



Mr. Don Videtich
President, TWU Local 565
2509 Bedford Road
Bedford, TX 76021

RE: Your Letter “Follow-up on the Protection from Future Extra Management Compensationâ€￾

Dear Don:

Per your letter of June 20, 2003 and as a follow-up to our June 6, 2003 interrogatories:

I certainly disagree with your assumptions. The Incentive Plan that the APA investment bankers developed in conjunction with our investment bankers (Milestone) came about as a direct result of the Company’s backdoor bonuses or long-term incentives. The Annual Incentive Plan is contractually binding. Obviously, we will still have to monitor the 10K and other financial data. Mr. Arpey has committed in his “Turn Around Planâ€￾ to reestablish trust and confidence in the Company and Officers. The Incentive Plan now aligns our members and Management in any cash compensation. Prior to the program, Senior Management could receive up to three times their salary. The current Plan now limits the cash incentive to 20 percent. That, however, does not preclude the Board of Directors to allocate stock options, as the parties – TWU, APA, and ALPA – can attest that the incentive plan does bind the Company Management to the same compensation. I do not agree that the performance bonuses are a replacement for the prior cash compensation provided to Management.

If you have any additional questions or concerns, please contact Robert Gless, International Representative assigned to your Local.

Fraternally,


James C. Little
Director Air Transport Division
Intl. Administrative Vice President

JCL:cjw opeiu-153 afl-cio

C: S. hall
ATD AA Staff
AA Presidents Council
---------------------------------------------------------------

Notice how Little made sure to say "cash compensation".