Dave''s Pay

[LavMan]

Reuters
US Airways CEO paid $1.45 mln, misses out on more
Thursday March 27, 11:14 am ET


NEW YORK, March 27 (Reuters) - The chief executive of U.S. Airways Group Inc. (OTC BB:UAWGQ.OB - News) was paid about $1.45 million last year, but lost out on a bigger pay package because the No. 7 U.S. carrier sought bankruptcy protection.

David Siegel, who became CEO last March, for 2002 received a $533,654 salary, a $750,000 bonus and $163,102 in other compensation, U.S. Airways said in its annual report filed on Thursday with the U.S. Securities and Exchange Commission (News - Websites).

Siegel, 41, also received $2.36 million grant of restricted stock and 750,000 stock options, the report shows. Both are now worthless, and will be canceled when the carrier emerges from Chapter 11, the company''s annual report shows.

U.S. Airways, which is based in Arlington, Virginia, sought protection from creditors last August but hopes to emerge from Chapter 11 by Monday. Its shares now trade for about 10 cents.

Siegel''s pay package is more than 80 percent below packages announced this week for top executives at other carriers.

Continental Airlines Inc. (NYSE:CAL - News) Chairman and CEO Gordon Bethune received a package worth about $11.9 million, including options, while Delta Air Lines Inc. (NYSE😀AL - News) awarded its chairman and CEO, Leo Mullin, a $13 million pay package.

Bethune''s salary and bonus totaled about $1.7 million, while Mullin''s totaled about $2.2 million.

Stephen Wolf, who stepped down as U.S. Airways'' CEO last March 8 but remains non-executive chairman, last year received about $619,000 from the carrier, including $126,923 in salary, a $112,500 bonus and $379,824 of other compensation, U.S. Airways'' annual report shows.

His restricted stock and stock options also have no value and will be canceled when the carrier emerges from Chapter 11.

 

[dfw79]

I''m still trying to see the reason for the angry face. Dave was paid lowest than other CEOs....lost nearly $3 million in stock. His pay and total compensation was no where near that of Leo or Gordo.

If people have so much anger...there is a door.

 

[a320av8r]

I agree. What do you expect Dave to get paid for this reorganization? I must disagree with the Dave bashers on this board, but I believe He has done a super job keeping us in business this long. Nobody else would touch us. ALPA proved by there own actuaries that the cuts, including my pension, had to be done or else...
It''s time to realize that Dave inherited this mess from W/G and is actually trying to turn us into an airline that we can be proud to work for. He is grossly underpaid when comparing his salary and benfits to other CEO''s, and they don''t have the headaches that Dave has!

Okay, fire away.

 

[N628AU]

Agreed. The only reason for the angry face is another example of class warfare. The same reason so many pick on the pilot group. The key fact that so many will miss is that he is getting paid 80% LESS THAN OTHER MAJOR AIRLINE CEOS! I don''t care how much employee paycuts are, no one is close to getting paid that much below anyone else. Hell, if I don''t think regional or MDA payrates are 80% less than other major carriers.

 

[AP Tech]

I agree.....Lets just add on another 5% cut to everyones salary retro back to lets say Dave''s doh. That should boost his pay up to the standards of the other overpaid CEO''s!

 

[Severed-N-Happy]

The President of the US only makes 200K.....perhaps all the other red inked OA''s need to revamp their exec payscales down to US levels so that THEY are NOT overpaid, just like all the worker bees have had to.

 

[Severed-N-Happy]

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On 3/27/2003 456 PM LavMan wrote:

Wrong, the President''s salary was raised to $400,000 a year by Congress under Bill Clinton, but not effected until the past presidential election.



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Correction noted, ...with the exception of the last 26 months, the President only received 200K(since 1969 by internet research), while airline CEO''S pay outpaced the President''s and in some cases is now close to double the current President''s salary.

My original point has not changed, that is, "perhaps all the other red inked OA''s need to revamp their exec payscales down to US levels so that THEY are NOT overpaid."

 

[Severed-N-Happy]

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On 3/27/2003 4:00:57 PM a320av8r wrote:

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On 3/27/2003 343 PM Severed-N-Happy wrote:

The President of the US only makes 200K.....

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That proves that you get what you pay for!

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I don''t recall what year the salary went to 200 K, but are you saying all of the last 3 or 4 Presidents sucked??

 

[a320av8r]

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On 3/27/2003 343 PM Severed-N-Happy wrote:

The President of the US only makes 200K.....

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That proves that you get what you pay for!

 

[LavMan]

Wrong, the President''s salary was raised to $400,000 a year by Congress under Bill Clinton, but not effected until the past presidential election.

 

[PITbull]

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Delete!

 

[PITbull]

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On 3/27/2003 11:22:21 AM dfw79 wrote:


I'm still trying to see the reason for the angry face. Dave was paid lowest than other CEOs....lost nearly $3 million in stock. His pay and total compensation was no where near that of Leo or Gordo.

If people have so much anger...there is a door.

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OOHHHH PLEEEAAASSSSEEE don't go there. Let me feel so sorry for this CEO who had to make do with $1.3 Million for the year WHILE OUR COMPANY WAS PLACED INTO BANKRUPTCY...BOO, HOO, HOO. His stock was cancelled...WELL, SO WAS MINE. But guess what? He will get a larger portion of that stake as part of 35 Officers to split a 7.8% stake in the co. You figure that out!

As if he won't make up for it from here on in.......

Folks just kill me around here! We have our labor group NOT SURVIVING AT ALL. We have a new sick policy that folks will endure a pay cut that month as a "penalty" on top of the 10.4% wage cut this summer, on top of increases in medical for January and now coming in May, a 5% on top of that that the co. is investigating today as they reported out...International line flyers that will see their blocks disappear in April, another paycut, and almost certain layoffs in the horizon....

I sure am glad some folks just aren't quite feeling this "pinch".

As far as our CEO being grossly underpaid, IT'S THAT THE CEO OF ALL THE CARRIERS HAVE BEEN GROSSLY OVERPAID..WHAT? NOW THAT'S TO BE THE NORM, WHILE OUR PAST PAY CAN'T BE THE NORM!

All wages/ salaries in this business have to be adjusted for ever.
This is the "new reality" I had jammed down my throat at the table. So, EVERYONE has to make an adjustment.

And by the by, this is ALL wolf's plan. He chairs the Board and HIRED MR. SIEGEL TO IMPLEMENT THIS PLAN. Just thank the lord that Wolf had such great insight to hire Siegel and his gang, and just save us, save us, save us...right....

Gee, thank God we found Siegel, we are so lucky. How could we get so lucky. Excuse me while I put up my house for sale!

 

[PITbull]

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On 3/27/2003 12:30:28 PM N628AU wrote:


Agreed.  The only reason for the angry face is another example of class warfare.  The same reason so many pick on the pilot group.  The key fact that so many will miss is that he is getting paid 80% LESS THAN OTHER MAJOR AIRLINE CEOS!  I don't care how much employee paycuts are, no one is close to getting paid that much below anyone else.  Hell, if I don't think regional or MDA payrates are 80% less than other major carriers.

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N628,

I'm Sorry, but whoever you are...I've heard that "80% cut" right from the horse's mouth. And check out the stats, Siegel is the 5th ranking paid CEO of the top 12 carriers, AND THAT'S WITH THE PAYCUT. I'm talking salary here.

His total compensation was lower this year ONLY BECAUSE OF BANKRUPTCY. And that's only because there would have been "anarchy" if he would have taken any bonus while employees were sacrificing. His stock went away (and the execs fought that as a motion in court to save their damn stock), because of the BK.

 

[dfw79]

I go back to my anger comment. If you are so angry at this company, you do not need to be near one of their planes. I also raise question on the employee manual - been awhile since i''ve seen one for US AIrways - and whether or not it prohibits employees from discussing the company or competitors with the media and internet discussion forums (ATA''s manual for instance strictly prohibits this). IOW, watch what you post...if they happen to have that wording in there, there is nothing stopping them from coming after you and getting you off the property.

PITBull...I understand why you are so upset, but is it really worth getting an ulser over? CEOs are always paid high wages...they will never be paid any comparable to the President (who, as soon as they leave office, will end up making millions of dollars on speeches and book deals). Enjoy your job...only 4 more days of bankrupcty and things will slowly start to improve. There is a lot of healing that must be done between everyone...having such hatred stored up will not speed that process any; call it karma if you will.

 

[PITbull]

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On 3/28/2003 5:38:45 AM dfw79 wrote:

I go back to my anger comment. If you are so angry at this company, you do not need to be near one of their planes. I also raise question on the employee manual - been awhile since i've seen one for US AIrways - and whether or not it prohibits employees from discussing the company or competitors with the media and internet discussion forums (ATA's manual for instance strictly prohibits this). IOW, watch what you post...if they happen to have that wording in there, there is nothing stopping them from coming after you and getting you off the property.

PITBull...I understand why you are so upset, but is it really worth getting an ulser over? CEOs are always paid high wages...they will never be paid any comparable to the President (who, as soon as they leave office, will end up making millions of dollars on speeches and book deals). Enjoy your job...only 4 more days of bankrupcty and things will slowly start to improve. There is a lot of healing that must be done between everyone...having such hatred stored up will not speed that process any; call it karma if you will.

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dw,

I have the lowest B/P around, and my cholesterol is off the charts, thanks for your concern for my health.

I have no hatred for ANYONE in life. That's a harsh emotion and a waste of energy. I am outspoken when I see folks post how underpaid and underpriviledged senior mangement is. That sends me through the roof. It disturbs me when I see folks defend the actions of mangement, and I question what part of the 4-corners of the world are they coming from. Why can't you put forth the same retorhic and energy towards those folks who took it in the shorts and talk about how much they are underpaid? Or isn't the "rank and file" worth their weight in gold? These are the folks that have been here a long time and built this company and SAVED this company. Why is it that some folks just say "oh, good job" (pat on the back)...but hey how about that great CEO whose underpaid?

I listen to the employees all day long regarding their schedules and line flying gone. fear of furloughs, their medical bills that they can't pay, f/as with illness, f/as being overly disciplined and this management ignoring language in cotracts that we did not give them relief on, f/as are very depressed and are very concerned with additional paycuts. Sorry for the rant, but these things don't disappear because you ignore them. When our employees "snap back" their wages, is when I won't care what the hell that our corporate execs. make, but until then, I will take it where I have to to get the message across; "that management will not receive "windfalls" on the backs of these employees without much noise. I don't take well to threats, and there is "freedom of speech" that has not been taken away from our Constitution. Folks may not like what I say, but this is a message board and that is why it is here, to express and share information, and gather concensus, not to talk about some sunny day. If your refering to me, everything I post is already "public information", that anyone can receive from newspapers, internet, websites. As you know, to get information on anything is extremely easy in the 21st century.

How about a management team that recognizes the importance of dedicated employees, communicates with its employees, and makes every endeavor to bring up morale in these difficult times...huh? How about that?

And by the way...with all seriousness, I love what I do...can't you tell?