Merger pays off for United, Continental chiefs

[xUT]

Merger pays off for United, Continental chiefs

Airline CEO Jeff Smisek began 2010 with a vow not to receive a salary until Continental Airlines turned a profit and ended the year with a pay raise and $4.4 million in total compensation after pulling off a merger with United Airlines.

Smisek, who is CEO of the merged carrier's parent company, United Continental Holdings Inc., received a salary of $791,250 and $3.6 million in other incentive pay. Directors determined that Continental would have been profitable for the year but also bumped up Smisek's base pay after the Oct. 1 merger to $975,000, according to a proxy statement filed Friday with the Securities and Exchange Commission.

But Smisek's compensation was dwarfed, on paper, by the $16.8 million total compensation awarded to Glenn Tilton, his premerger counterpart at Chicago-based United Airlines.

In addition to his base pay of $822,999, Tilton received a $2.7 million discretionary bonus awarded by United's board in September, shortly before the merger closed.

 

[tech2101]

Merger pays off for United, Continental chiefs

Amazing.

 

[xUT]

Amazing.

Unfortunately, it is pretty typical in today's society. How many robber barons went to jail over the bank bail out?
At least there was a token with the s&l debacle. Clearly, we will continue to be hosed on any and all levels until people wake up. The problem is we have an oligarchic political class that is being spoon fed ($$$).

Republicrats and Democans screw us over at every step.
B) xUT