New Cfo...nice Track Record. Not!

[North by Northwest]

http://money.excite.com/jsp/nw/nwdt_ge.jsp...t&date=20050503 :down:"Cohen guided US Airways from one bankruptcy into the another. Cohen, Siegel, and the other US Exec's cut the workforce, benefits, and salaries of US Airways employees. Cohen left US Airways with 2+ million dollar severance package.

NW Employees will not take another cut. They have been screwed by management too much. Bringing back the old exec's who screwed them in the 1990's will not help their cause. The only way management will cut their pay is through bankruptcy."
"It seems that the biggest successes in the industry are executive signing bonuses as well as parachute packages. Recycle enough of these guys from company to company, and the company really will run down its cash fast. Maybe they all met at some mountain lodge about seven years ago and came to an agreement to do just that amongst themselves. Sometimes it sure seems that way." h34r: Buckle up folks...code 6 turbulence ahead.

 

[TechBoy]

Buckle up folks...code 6 turbulence ahead.

[post="266304"][/post]​

Not to wander to far OT, but what exactly is code 6 turbulence. I've heard ATC talk about light, mod or severe, but never code 6? Just curious.

 

[North by Northwest]

Codes 1-6 1 being light....6= severe.

 

[DR.EVIL]

As a former NW employee and a unfortunate USAIR employee, This Cohen is a very bad choice. He was part of many of the very bad chioces that were made at his former airline. Batten down the hatches cause this guy will bring his black cloud with him. Good Luck

 

[justaumechanic]

He's a dirt bag.. I feel bad for you NW people..

He's there to cut your wages.. Thats why they hired him.. He has no soul.

The nice thing though is he gets a nice big fat pension check from US Airways
and of course NW gave him a nice big fat pay raise and a nice big fat golden
parachute..

The road ahead for the NW people is getting bumpy.. Hold on..

Cohen is a loser.. You would have been better off with the CFO from
Enron!!!

 

[North by Northwest]

Ahhhh...but the silver lining of BK for us is the end of that group that pushed NWA into financial peril in the first place. THAT is almost worth the pain. Can't wait to see the end of Wilson and the few others (worthless shares= no controling interest). Means END of the cash cow days. Once fooled...twice clocked, get your head checked. I see stormy weather ahead at NWA. There is just no fear of BK here (they used that up the last time)...we have been to the edge before and got hoodwinked.

 

[coolflyingfool]

I am floored by Cohen at NW. It is like telling your team to go out and lose, because there is no way to win. Just my thoughts...........

 

[Bigsky]

Bad news for NWA. We should not be hiring losers from broken airlines. The only reason I can see that NWA would be interested in Cohen is that he has BK experience which is where NWA is apparently headed and soon. Since NWA is not really a publicly held company, we should hope that Gary doesn't sell off the assets and call it a day. What a reverse of fortune this will be when UAL buys off all of our Pacific routes.

Good luck to all at NWA

bigsky

 

[Red Tail Bear]

This guy sounds like a real piece of work. Can one man really have that much of an impact on an airline? I hope that what I'm reading is not true, but if so, we should start making up those picket signs soon.

 

[Bigsky]

US Airways CFO quits in time to get big severance deal
Tuesday, May 04, 2004

By Dan Fitzpatrick, Pittsburgh Post-Gazette

Less than two weeks after US Airways Chief Executive Officer David Siegel resigned under pressure, Chief Financial Officer Neal Cohen jumped out of the cockpit as well, resigning from the nation's seventh-largest airline in time to collect on a $2.5 million severance package.

His successor is Dave Davis, 37, previously US Airways' senior vice president of finance.

Cohen, 44, officially resigned on Friday, the last day he was eligible to walk away and still collect a cash and stock compensation package valued at $2.5 million, according to a filing with the U.S. Securities and Exchange Commission.

Cohen's fate was, in many ways, linked to Siegel, who hired Cohen after working with him previously at Budget Group. Cohen was allowed to leave and collect his severance only if Siegel did the same before April 30. Siegel resigned on April 19, at the request of airline chairman David Bronner, who felt that Siegel's rocky relationship with the unions might keep the money-losing airline from achieving profitability.

Siegel, in leaving, was eligible to collect a severance package worth at least $4.5 million.

Cohen, along with Siegel, was a frequent target of the unions, which once again are being asked to help the company after agreeing to more than $1 billion in concessions the past two years. The pilots, in fact, asked that both Siegel and Cohen resign as far back as December.

New Chief Executive Officer Bruce Lakefield, who took over for Siegel, praised Cohen yesterday, saying that he helped the company emerge from bankruptcy last year and secure a federal loan guarantee that continues to prop up US Airways. "I am pleased that Neal has agreed to continue to provide his professional advice to ensure a smooth transition," Lakefield said.

 

[Bigsky]

Cohen, along with Siegel, was a frequent target of the unions, which once again are being asked to help the company after agreeing to more than $1 billion in concessions the past two years. The pilots, in fact, asked that both Siegel and Cohen resign as far back as December

 

[cltbay1homie]

This guy sounds like a real piece of work. Can one man really have that much of an impact on an airline? I hope that what I'm reading is not true, but if so, we should start making up those picket signs soon.

[post="266587"][/post]​

You may want to kick it into high gear. The first thing he will recommend is to go after wages and bennies. Then more layoffs, and more VP's coming on board..and before you know it...you are also a LCC...but still with high fares. See ya in BK by November. But as always this is just my opinion, with no credible evidence offered or emplied. OH...no spell checkers please.

 

[9epnsrip]

My NW coworkers,
My view,
He (Cohen) worked US Air over. PIT is now RJ Heaven. Guys He'll took away US Air pension. They are Outsoucing Fleet Service at many main line cities.

We will be join US, UA in court..Where a Judge will tell us what our pay and bennies will be. All B gates in MEM will be RJ's.

"We have nothing to fear but fear itself" FDR never meet Neal Cohen, he is the new Francisco A. Lorenzo....

 

[justanadd]

SEC Filing Outlines NWA CFO's Compensation

May 6, 2005 10:42 am US/Central
Eagan, Minn. (AP) Northwest Airlines is paying its new chief financial officer an annual salary of $425,000 and a signing bonus of $200,000.

Neal Cohen's compensation is detailed in a filing with the Securities and Exchange Commission.

Cohen also will get a cash retention payment of $100,000 on May 1, 2006, and will receive four more $100,000 payments if he remains with Northwest through May 1, 2010.

Cohen's package includes options for 150,000 of Northwest stock, which vest over four years. He'll also get a "phantom stock" award of 100,000 shares of common stock that vest over three years, and phantom stock of 75,000 shares that vest over five years. Phantom stock provides cash payments based on the value of Northwest stock on the vesting dates.

 

[Red Tail Bear]

SEC Filing Outlines NWA CFO's Compensation

May 6, 2005 10:42 am US/Central
Eagan, Minn. (AP) Northwest Airlines is paying its new chief financial officer an annual salary of $425,000 and a signing bonus of $200,000.

Neal Cohen's compensation is detailed in a filing with the Securities and Exchange Commission.

Cohen also will get a cash retention payment of $100,000 on May 1, 2006, and will receive four more $100,000 payments if he remains with Northwest through May 1, 2010.

Cohen's package includes options for 150,000 of Northwest stock, which vest over four years. He'll also get a "phantom stock" award of 100,000 shares of common stock that vest over three years, and phantom stock of 75,000 shares that vest over five years. Phantom stock provides cash payments based on the value of Northwest stock on the vesting dates.

[post="267204"][/post]​

What does NWA get in return for all they've given him?