What Those At The Top Got

[BoeingBoy]

The company has filed it's "Statement of Financial Affairs" as required under BK laws. It makes some interesting reading. Way down toward the bottom (and it's a big pdf file) is "Payments to Insiders" made within 12 months* of filing BK.

* Also includes relocation expenses paid during 2003

If you would like to see the "Who's who" of US Airways and what they got, it is page 212 of the 267 page pdf file.

Statement of Financial Affairs

Jim

 

[Hope777]

No wonder why Glass wants to shove it up our A$$. LOOK what he got.....

 

[OldGuyinPA]

Boy...what a total waste of money.

I'm sure glad Usair..ways has such top talent.

Think where Usair..ways might be without these folks.

 

[WestCoastGuy]

Looks like all of our Exec's did very well this past 10 months. Mr Crellin took over a million and Glass is right behind him. For all the talk about ridding the labor groups of that pesky, expensive retirement plan, seems that thinking does not apply to the CCY boys. They all got excellent retirement packages. They sure take good care of themselves.

 

[D M G]

Thanks for the link.

 

[AP Tech]

The way I added it up it came to about $16,618,543.00 paid out to a few who did nothing more than cut employee's, had a failed business plan, and then bailed. And the company wants to screw the retiree's who WORKED for the company? Anybody know the total number of years this bunch as a group had with the company???? With the exception of Darryl Hartzell they had very little!!!

Thanks for the link, it sure opens some eyes!!!!!

 

[WestCoastGuy]

I just can't figure out what the hell Crelin did for this company this year to earn over a mil???? I can see Lakefield and his half mil...he's just a mouth piece, but Crelin?????????

 

[BoeingBoy]

One note I may have glossed over a little too much.....

These figures are for the 12 month period ending when BK was filed, not for this calendar year. Hence, Lakefield's relatively small amount of compensation - he was only CEO about 6 months at that point.

Jim

 

[hopethingswillbeok]

Does the Judge get to see all of this?

 

[kate]

If the company truly wanted to cut costs they would make vps, etc. top out at $99,000/yr no bonuses no golden parachutes but have profit sharing to boost their salaries. That would keep us bottom feeders from taking such a hit.

 

[PITbull]

Actually and according to the documents filed in BK court, these 24 top execs received in total compensation including thier salaries, expenses, and pension payments...$23 Million.

What I find so outrageous is that over $7 million was paid into their pensions the last 12 months befor BK filing.

AND THEY SLASHED THE PILOTS DEFINED CONTRIBTUIONS, DIDN'T MAKE PAYMENTS INTO THIER PLAN SINCE JUNE....ANDTHEY WANT AFA AND THE IAM PENSIONS TERMINATED. :down:

The stakeholder and U BOD is INCENTIVIZING the wrong employee group.

It is the rank and file that hold up the whole ship here. Instead of starting from the top with the highest pay cuts...they started at the bottom.

We may not make it folks.

I finally recognize that this company has destroyed the greatest assets they HAD... us.

I am going to say one thing to all of the employees of U...this is our company.... we need to pull together (as difficult as that maybe) stop the infighting with our union leadership... don't rely on this management leadership for direction, and work to build the public confidence back and credibility by ourselves( if that is possible) during these holidays. With our losses, we are toast right after Thanksgiving.

Then in the new year...we look to replace the entire management team, and by the grace of God look for new investors for our airline.


These management folks have stripped us blind, and crippled our carrier like there is no tomorrow...and there just might not be.

 

[WestCoastGuy]

These management folks have stripped us blind, and crippled our carrier like there is no tomorrow...and there just might not be.

Maybe that was their plan all along........and a new carrier will rise from the ashes.

 

[olivia]

Everyone should read this document...or at least this posting.

It is about greed and corruption. It is unbelievable.



Please change your heading ....to everyone read this!!!

thanks for the information.

 

[700UW]

Total employee compensation, including severance packages, salary, bonuses and relocation reimbursements, for the top 15 executives listed:

David Siegel, former CEO, $5.3 million

Neal Cohen, former CFO, $2 million

Douglas McKeen, former VP-employee relations, $596,934

Daryl Hartzell, former VP-line maintenance, $558,618

Elizabeth Lanier, executive VP-corporate affairs, general counsel and secretary, $464,472

Edward Bular, VP-flight operations, $381,853

Ben Baldanza, senior VP-marketing and planning, $379,549

Alan Crellin, executive VP-operations, $372,685

Jerrold Glass, senior VP-employee relations, $335,845

John Prestifilippo, senior VP- maintenance, $319,372

Eilif Serck-Hanssen, senior VP-finance and treasurer, $315,243

Christopher Chiames, senior VP-corporate affairs, $315,179

Bruce Ashby, senior VP-alliances and president of US Airways Express, $296,685

David Davis, outgoing CFO, $289,446

John Hedblom, VP-human resources, $286,608

-- *BRUCE LAKEFIELD, CURRENT CEO, HAS AN ANNUAL SALARY OF $425,000

 

[USFlyer]

If the company truly wanted to cut costs they would make vps, etc. top out at $99,000/yr no bonuses no golden parachutes but have profit sharing to boost their salaries. That would keep us bottom feeders from taking such a hit.

[post="196043"][/post]​

Well, 99K is way too low -- they would all leave.