- Sep 30, 2003
- 3,997
- 898
Maybe we should call him "Mr. Bankruptcy"?
Neal S. Cohen's "Executive Talent" Biography:
NWA Chief Financial Officer, and newly appointed CEO of Compass Airlines, Neal Cohen has quite a track record being the financial steward of several companies over the years. He certainly seems to have a knack for working at companies that end up in bankruptcy.
Education: Neal Cohen received his bachelor of science (BS) degree in Politics, Economics, Rhetoric and Law from the University of Chicago. He earns his master of business administration (MBA) degree in Finance/Accounting from the University of Chicago as well. Source: Budget Group press release January 10, 2000
1984 - 1991: Cohen begins his career at General Motors. For seven years, he worked at General Motors' New York treasurer's office prior to joining Northwest. Source: NWA press release May 3, 2005
1991 - 2000: Neal Cohen held a number of senior marketing and finance positions at Northwest Airlines, including senior vice president and treasurer before leaving for jumping ship to be CFO for Budget Group, which operates Budget Rent a Car. Budget Group is located in Lisle, IL. Budget Group files bankruptcy in 2002.
March - August 2000: Neal Cohen lasts less than nine months as CFO of Budget Group; Cohen resigns and takes CFO position at Sylvan Learning Systems in Baltimore, MD. Source: Baltimore Business Journal August 10, 2000
September 2000 - April 2001: Neal Cohen appointed CFO of Sylvan Learning Systems. He leaves that position eight months later to "return home to Minneapolis where he will assume an executive position in a non-competing
industry." Source: news article
May 2001 - April 2002: Neal Cohen serves as CFO of Conseco Finance Group in St. Paul, MN. Conseco CEO Bruce Crittenden praises Cohen in a press release, saying "his financial and corporate planning experience are an ideal fit for Conseco Finance. I am proud to say that we now have one of the strongest financial management teams in the industry." Source: Conseco press release Cohen's tenure at Conseco is short as well as he leaves Conseco to return
to the airline industry. He also leaves just months prior to Conseco's Chapter 11 bankruptcy filing in December - at the time, the third largest U.S. bankruptcy in history. Source: news article
April 2002 - April 2004: Neal Cohen joins US Airways in a management shakeup at the struggling airline. In its announcement of his arrival as CFO, US Airways doesn't even mention his last job at Conseco. US Airways President and CEO David Siegel praises the addition of Cohen and the rest of his new executive team. "I am delighted that these talented individuals will be joining our team as the company charts a new course," said Siegel. "Working together with employees to return the company to profitability, their breadth of experience and knowledge will be invaluable." Source: US Airways press release
US Airways enters its first round of post-9/11 bankruptcy protection on August 11, 2002. It emerged from this round of bankruptcy reorganization on March 31, 2003. By late 2003, US Airways employees began calling for the resignations of CEO David Siegel and CFO Neal Cohen.
Siegel resigned from US Airways April 19, 2004. Cohen followed his friend less than two weeks later. Cohen resigned abruptly on Friday, April 30, 2004; the last possible day he could collect a handsome severance package worth $2.5 million. That money tied him over until he re-joined Northwest Airlines a year later. Source: Pittsburgh Post Gazette article May 4, 2004 With US Airways in financial disarray, Cohen's successor could not prevent the tailspin that led to its second bankruptcy filing in September 2004.
May 2005: Neal Cohen returns to NWA to replace CFO Bernie Han who resigned abruptly. Just four months later, NWA files for Chapter 11 bankruptcy protection.
And with this stunning record...
Neal Cohen's Compensation Package
NWA revealed in a 5-5-05 SEC filing the details of Neal Cohen's (NWA's new Executive Vice President and Chief Financial Officer) compensation package. Details include:
* Annual base salary: $425,000
* Inducement Payment: $200,000
* Five cash retention payments of $100,000 paid annually beginning May 1, 2006
* Guaranteed annual cash incentive payment for 2005 equal to 60% of base salary (subject to requirements of Pilot Bridge Agreement)
* 150,000 stock-options (vests in installments over 4 years)
* Phantom stock award of 100,000 shares (vesting over 3 years)
* Additional phantom stock award of 75,000 shares (vesting over 5 years)
* Participation in NWA's Long Term Cash Incentive Plan beginning with the 2 year performance period which began January 1, 2005
* Lifetime positive-space airline pass privileges for himself, spouse and eligible dependants (requires remaining with NWA until April 1, 2009)
* Lifetime medical and dental coverage (requires remaining with NWA until April 1, 2009)
* Participation in NWA's Supplemental Executive Retirement Plan (SERP) - this grants Mr. Cohen 2 additional years of pay credit for each pay credit he is entitled to receive under NWA's salaried pension plan. (requires 5 years to be in full effect). Vested benefits under the SERP are payable in a lump-sum cash payment.
* Mr. Cohen's pension account will be credited with $200,000 benefit accrual.
Neal S. Cohen's "Executive Talent" Biography:
NWA Chief Financial Officer, and newly appointed CEO of Compass Airlines, Neal Cohen has quite a track record being the financial steward of several companies over the years. He certainly seems to have a knack for working at companies that end up in bankruptcy.
Education: Neal Cohen received his bachelor of science (BS) degree in Politics, Economics, Rhetoric and Law from the University of Chicago. He earns his master of business administration (MBA) degree in Finance/Accounting from the University of Chicago as well. Source: Budget Group press release January 10, 2000
1984 - 1991: Cohen begins his career at General Motors. For seven years, he worked at General Motors' New York treasurer's office prior to joining Northwest. Source: NWA press release May 3, 2005
1991 - 2000: Neal Cohen held a number of senior marketing and finance positions at Northwest Airlines, including senior vice president and treasurer before leaving for jumping ship to be CFO for Budget Group, which operates Budget Rent a Car. Budget Group is located in Lisle, IL. Budget Group files bankruptcy in 2002.
March - August 2000: Neal Cohen lasts less than nine months as CFO of Budget Group; Cohen resigns and takes CFO position at Sylvan Learning Systems in Baltimore, MD. Source: Baltimore Business Journal August 10, 2000
September 2000 - April 2001: Neal Cohen appointed CFO of Sylvan Learning Systems. He leaves that position eight months later to "return home to Minneapolis where he will assume an executive position in a non-competing
industry." Source: news article
May 2001 - April 2002: Neal Cohen serves as CFO of Conseco Finance Group in St. Paul, MN. Conseco CEO Bruce Crittenden praises Cohen in a press release, saying "his financial and corporate planning experience are an ideal fit for Conseco Finance. I am proud to say that we now have one of the strongest financial management teams in the industry." Source: Conseco press release Cohen's tenure at Conseco is short as well as he leaves Conseco to return
to the airline industry. He also leaves just months prior to Conseco's Chapter 11 bankruptcy filing in December - at the time, the third largest U.S. bankruptcy in history. Source: news article
April 2002 - April 2004: Neal Cohen joins US Airways in a management shakeup at the struggling airline. In its announcement of his arrival as CFO, US Airways doesn't even mention his last job at Conseco. US Airways President and CEO David Siegel praises the addition of Cohen and the rest of his new executive team. "I am delighted that these talented individuals will be joining our team as the company charts a new course," said Siegel. "Working together with employees to return the company to profitability, their breadth of experience and knowledge will be invaluable." Source: US Airways press release
US Airways enters its first round of post-9/11 bankruptcy protection on August 11, 2002. It emerged from this round of bankruptcy reorganization on March 31, 2003. By late 2003, US Airways employees began calling for the resignations of CEO David Siegel and CFO Neal Cohen.
Siegel resigned from US Airways April 19, 2004. Cohen followed his friend less than two weeks later. Cohen resigned abruptly on Friday, April 30, 2004; the last possible day he could collect a handsome severance package worth $2.5 million. That money tied him over until he re-joined Northwest Airlines a year later. Source: Pittsburgh Post Gazette article May 4, 2004 With US Airways in financial disarray, Cohen's successor could not prevent the tailspin that led to its second bankruptcy filing in September 2004.
May 2005: Neal Cohen returns to NWA to replace CFO Bernie Han who resigned abruptly. Just four months later, NWA files for Chapter 11 bankruptcy protection.
And with this stunning record...
Neal Cohen's Compensation Package
NWA revealed in a 5-5-05 SEC filing the details of Neal Cohen's (NWA's new Executive Vice President and Chief Financial Officer) compensation package. Details include:
* Annual base salary: $425,000
* Inducement Payment: $200,000
* Five cash retention payments of $100,000 paid annually beginning May 1, 2006
* Guaranteed annual cash incentive payment for 2005 equal to 60% of base salary (subject to requirements of Pilot Bridge Agreement)
* 150,000 stock-options (vests in installments over 4 years)
* Phantom stock award of 100,000 shares (vesting over 3 years)
* Additional phantom stock award of 75,000 shares (vesting over 5 years)
* Participation in NWA's Long Term Cash Incentive Plan beginning with the 2 year performance period which began January 1, 2005
* Lifetime positive-space airline pass privileges for himself, spouse and eligible dependants (requires remaining with NWA until April 1, 2009)
* Lifetime medical and dental coverage (requires remaining with NWA until April 1, 2009)
* Participation in NWA's Supplemental Executive Retirement Plan (SERP) - this grants Mr. Cohen 2 additional years of pay credit for each pay credit he is entitled to receive under NWA's salaried pension plan. (requires 5 years to be in full effect). Vested benefits under the SERP are payable in a lump-sum cash payment.
* Mr. Cohen's pension account will be credited with $200,000 benefit accrual.
