Us Airways Chief's Pay Package $11 Million....

[longing4piedmont]

From the article...

"US Airways chief executive David Siegel received a 2003 compensation package valued on paper as high as $11 million, the vast majority of it in restricted stock that has already lost almost half its value.

Siegel's 2003 salary was $600,000, according to the airline's proxy statement filed Friday with the Securities and Exchange Commission. US Airways is seeking pay concessions from its workers."

link... http://www.charlotte.com/mld/observer/news/8400178.htm?1c in "section A" link on left and sixth article from bottom of page

 

[PITbull]

Where are all the posts for this topic?

 

[deltawatch]

Lets see $11,000,000.00 a year based on a 40 hour work week, and FULL VACATION PAY when he travels S/P to his island home, thats $5729.17 an hour 😀

 

[700UW]

Siegel does not have a home in SXM, that is David Siegel of Orlando, FL who is a time share and hotel magnet.

 

[deltawatch]

My mistake. If I made $5729.17 an hour I would have one 😀

To thank the company can only pay me 75% of my regular pay while on vacation

 

[Light Years]

thats $5729.17 an hour 😀

I could be debt free before lunchtime. :huh:

 

[700UW]

Hey dave, READ MY LIPS!

 

[Flying Titan]

Lets see $11,000,000.00 a year based on a 40 hour work week, and FULL VACATION PAY when he travels S/P to his island home, thats $5729.17 an hour 😀

While this type of a post makes for great fun to show in the extreme, the article points out that most of this is in company stock - which he hasn't sold and certainly isn't worth nearly that much right now. Seems to me that he has millions of incentives to improve this company's performance in the eyes of Wall St. investors.

Also, it seems that the $600k in salary that he did receive is going to be cut by 50% or more in the current negotiations that are underway w/ Dr. Bronner. At least that's what I hope since Siegel said he would adjust his salary to one comparable to the LCC CEOs. $200k, plus $90k performance bonus seems reasonable.

Don't get me wrong, it's still a whole lot of money and we should all expect better than what we've seen from CCY, but Siegel didn't get $11M and I don't think he'll see that kind of cash anytime soon.

 

[700UW]

His salary is not going to be cut, he said he might accept a compensation package similar to the LCCs IF ALL UNIONS accept concessions, and I remember dave telling CNBC, that he would love Neeleman's contract as his is worth millions because of B6 Stock!

 

[autofixer]

So he only gets $6 million for his fine work. 😛

 

[N628AU]

Good post Flying Titan. The key here is "on paper". The value of most of his pay is equivalent to the value of the stock employees received. If the company burns, it is worthless to him as well.

 

[ktflyhome]

Then why wouldn't he take his $4 million plus this month and leave???

 

[700UW]

so he can bleed more out of the employee's paychecks for his own!

 

[OldGuyinPA]

I don't believe either Dave is worth a plug nickle. I wouldn't give 2 bits for either one of them................

Just my opinion....

 

[ktflyhome]

Odie Tell us how you really feel. 😀