Glenn's Gotta Go!

[Yuppyguppy]

Gordon Bethune on CNBC this morning slammed UAL's management for taking an airline from first in every category to last. It was clear Tilton was his #1 Target. He stated Ual was in trouble, is in trouble, and it's future looks questionable at best. When asked by Joe Kernen, how the employees morale could be fixed, since a team is only as good as it's players, Bethune seemed to indicate that IF, and that being a big IF morale could be repaired, it would have to change it's business model, i.e. this management team has destrored UAL, and for the model to change so does a change in management.

I wonder what's in store...a total liquidation or a reinvention...well as long as Tilton is there might as well count on the need for a lot of new capacity at ORD,DEN,SFO,LAX,IAD...in the future...if you know what I mean.

 

[Skippy]

retire? riiiiigggghhhtt retire-- guess our little campaign only took 3 days to get one of the morons out.

its peanut butter jelly time!!!!!


http://www.youtube.com/watch?v=s8MDNFaGfT4


United parent UAL CFO to retire, replacement named
Friday August 15, 9:50 am ET

UAL Corp. CFO Jake Brace to retire on Nov. 1, divisional VP Mikells named replacement

CHICAGO (AP) -- United Airlines' parent UAL Corp. said Friday Chief Financial Officer Jake Brace will retire Nov. 1 and be replaced by Vice President of Investor Relations Kathryn Mikells.
Brace, who is also an executive vice president, has served as CFO since 2001. He first joined United in 1988.
He will continue as a company adviser and chairman of the board. Mikells joined United in 1994 as a financial analyst

 

[Hutchman]

....He will continue as a company adviser and chairman of the board....

Hardly gone...... Just taking the golden parachute and putting it in an offshore account that creditors can't touch.

 

[Shrek]

retire? riiiiigggghhhtt retire-- guess our little campaign only took 3 days to get one of the morons out.

its peanut butter jelly time!!!!!


http://www.youtube.com/watch?v=s8MDNFaGfT4


United parent UAL CFO to retire, replacement named
Friday August 15, 9:50 am ET

UAL Corp. CFO Jake Brace to retire on Nov. 1, divisional VP Mikells named replacement

CHICAGO (AP) -- United Airlines' parent UAL Corp. said Friday Chief Financial Officer Jake Brace will retire Nov. 1 and be replaced by Vice President of Investor Relations Kathryn Mikells.
Brace, who is also an executive vice president, has served as CFO since 2001. He first joined United in 1988.
He will continue as a company adviser and chairman of the board. Mikells joined United in 1994 as a financial analyst

Peanut Butter and Jelly with a baseball BAT!!!!!!!!!..........

 

[Max Powers]

There stock has been slowly going up with the rest of them....Is it because the company is worth more liquidated and they smell that coming???? I don't think it is that bad?

 

[Shrek]

There stock has been slowly going up with the rest of them....Is it because the company is worth more liquidated and they smell that coming???? I don't think it is that bad?

Can I have what you're smokin?! :bomb:

Hmmm - when oil drops in price the aviation sector gets a bump. These just HAVE to be related in some way but I can't put my finger on it...........:nuts:

 

[CaptJax]

UA Pilots: Tilton's Excessive Pay Package Must Go

United Pilots: Glenn Tilton's Excessive Pay Package Must Go
PR Newswire
Posted: 2008-09-29 12:26:00

CHICAGO, Sept. 29 /PRNewswire-USNewswire/ -- Pilots for United Airlines (Nasdaq: UAUA) today demanded that the UAL Board of Directors cut the pay for its CEO, Glenn Tilton, as a reflection of concern and solidarity with passengers and employees who are being forced to tighten their belts.

At $10.3 million a year, Tilton's compensation package -- including salary, stock grants, options and other added extras -- is the highest in the airline industry. The CEO of American Airlines is paid $4.6 million a year, the CEO of Southwest Airlines makes $1.3 million and the CEO of JetBlue gets $514,000. United's pilots believe that there is no justifiable reason for the worst airline executive to be compensated the most. United Airlines has lost more money this year than nearly all other US competitors combined.

"United Airlines is losing money, cutting back on service and asking passengers to pay more for less," said Captain Steve Wallach, Chairman of the United Chapter of the Air Line Pilots Association. "It's time for the Board to tie Tilton's pay to his performance."

Captain Wallach said that Tilton's level of compensation is another example of excessive pay to chief executive officers. "His pay is not an entitlement; he should have to earn his money, just like everyone else does," said the union leader. Captain Wallach noted United's stock price has fallen from over $50 a share to the current price of about $10 a share.

"It's an insult to the loyal passengers and hard-working employees of United to see the CEO pull down this kind of money when the airline is facing such deep challenges," added Captain Wallach. "This pay package must go."

Tilton's excessive pay package is only one of a series of bad decisions by the management of United, which orchestrated fat bonuses for its top executives when the company came out of bankruptcy two years ago. Tilton and his team of executives have continually looked after themselves, to the detriment of the rank-and-file employees of the airline.

"The pilots want to do everything possible to make United the airline that passengers choose first," said Captain Wallach. "A commitment to responsible service and fairness is part of that."

 

[Ky.BrownBourbn]

Thank you United Bros. for having a set! It's about time that someone stepped up!

Later, KBB

 

[waveflyer]

well said! this is a problem nation-wide

 

[Jonny Sacko]

Great Move Ualmec!!

 

[waveflyer]

what's the latest on the pilots? heard the suit is ongoing

 

[ualdriver]

what's the latest on the pilots? heard the suit is ongoing

The final arguments are on OCT 7. I think those will only take one day. The judge then has 30 days (? not sure) to make a ruling.

 

[contrail67]

There stock has been slowly going up with the rest of them....Is it because the company is worth more liquidated and they smell that coming???? I don't think it is that bad?

Lower oil costs and this probably has a little to do with the stock going up.....

CHICAGO, Oct. 1 /PRNewswire-FirstCall/ -- UAL Corporation UAUA, the holding company whose primary subsidiary is United Airlines, today announced financing transactions that will add approximately $275 million of cash prior to year end.
The company has completed a $125 million aircraft financing agreement, receiving approximately $60 million yesterday, and will receive the remaining approximately $65 million by mid October.
United has also executed agreements and agreements in principle (subject to reaching final documentation and other conditions) to sell certain assets for approximately $140 million. The company received approximately $30 million from these assets in the third quarter and expects to receive approximately $110 million in the fourth quarter. In addition, United intends to substitute certain cash collateral with a letter of credit, generating $10 million in net incremental cash in the fourth quarter.
"We are further strengthening our cash position, and we are pleased to close this transaction, particularly in this market environment," said Kathryn Mikells, who will become chief financial officer on November 1. "We still have over $3 billion of unencumbered assets to further enhance our liquidity

 

[Plunder Hound]

So we are selling off assets and taking on more debt and this is a good thing? Thats why I'm not the CFO.

 

[whymeworry?]

It took Gordon this long to go public with a reality check about Tilton? Gee, that's going out on a limb. Funny, 6 months ago he was touting UAL as a stellar merger candidate... even promoting it's mgmt team.

No doubt Tilton is the worst manager since Lorenzo but why did it take The Great Gordon Bethune this long to come out and say so when he was pumping the guy earlier this year?

 

[Jonny Sacko]

It didn't man. He knew EXACTLY what Tilton's worth. He wanted the merge. Tilton will be NOwhere near a merge. We all know that. Cha! Well, we all hope that.

 

[Jonny Sacko]

I hope UAL MEC continues to lob the grenades. Nothing illegal in telling the truth. That's a rock solid union, fighting for an honorable cause. I wish all other MEC's would do the same.

 

[Golden Falcon]

CHICAGO, Oct. 1 /PRNewswire-FirstCall/ -- UAL Corporation UAUA, the holding company whose primary subsidiary is United Airlines, today announced financing transactions that will add approximately $275 million of cash prior to year end.
The company has completed a $125 million aircraft financing agreement, receiving approximately $60 million yesterday, and will receive the remaining approximately $65 million by mid October.
United has also executed agreements and agreements in principle (subject to reaching final documentation and other conditions) to sell certain assets for approximately $140 million. The company received approximately $30 million from these assets in the third quarter and expects to receive approximately $110 million in the fourth quarter. In addition, United intends to substitute certain cash collateral with a letter of credit, generating $10 million in net incremental cash in the fourth quarter.
"We are further strengthening our cash position, and we are pleased to close this transaction, particularly in this market environment," said Kathryn Mikells, who will become chief financial officer on November 1. "We still have over $3 billion of unencumbered assets to further enhance our liquidity

Burning the furniture to heat the home...

 

[CaptJax]

UA Pilots: Leadership Void Costly For UA in 2008

Based upon Tilton's past performance, the pilots see no signs that things are going to get better in the future under his watch. During Tilton's tenure, the pilots point out, it has been apparent that United does not have a strategy that will enable it to take charge of its destiny.

"In many ways, United Airlines has moved backward," said Captain Steve Wallach, chairman of the United Master Executive Council of the Air Line Pilots Association. "To its pilots, employees and passengers, United Airlines is but a shell of its former self. Rather than using the reorganization afforded by bankruptcy, including the billions of dollars contributed by the pilots and other employees to build upon United's core strengths and brand equity, Mr. Tilton and his executives squandered a rare opportunity to return this airline to its leadership position in the airline industry.

"United has reacted to events, as opposed to anticipating and controlling them. As just one example, as a former oil industry executive, one would have expected Tilton to have taken early and decisive action to hedge against rising fuel costs. The record shows that he failed dismally in this task.

"Mr. Tilton's consistent answer to United's problems has been to penalize those who contribute the most to United's success: its employees and its customers," said Captain Wallach. "While Tilton and his hand-picked executives have continued to receive increasing benefits for themselves, employees have been laid off, and our passengers have been inconvenienced with a series of ill-timed and ill-conceived fees and unpopular cutbacks in service. To paraphrase an old advertising expression, 'This is no way to run an airline,' but that's what you can expect from a former oil company executive, clearly someone unfamiliar with running a service industry, who never before had to care about his employees or serve the needs of his customers."

A look at the Tilton record over the past year tells the story of missed opportunities, lack of leadership and dismal performance:

-- UAL posted a $779 million third quarter loss, $519 million attributable to poor fuel hedges. The miscalculation on the fuel hedge is especially disappointing, considering Tilton came to United from Chevron Texaco, one of the nation's largest oil companies.

-- UAL posted a $542 million loss for the first quarter, $305 million higher than the first quarter of the previous year.

-- UAL lost $151 million in the second quarter. With noncash accounting expenses, including a $2.3 billion charge for goodwill impairment and $82 million in severance costs, the airline reported a $2.7 billion loss during the quarter.

-- During a time when the industry was attempting to consolidate, United Airlines and Tilton were jilted by both Delta and Continental. Delta, which considered a marriage with United, chose Northwest instead. Continental, which appeared to be on the verge of an announced merger with UAL in April, left Tilton standing at the altar at the last minute after calling off talks.

-- Desperate for a merger partner, -- ANY merger partner -- Tilton attempted to steer United Airlines straight into the arms of US Airways, an airline known for problems in its management, its service, and among its employees. Only an outcry from the Air Line Pilots Association and the subsequent negative reaction from the financial community prevented Tilton from embarking on the potentially suicidal mission of a merger with US Airways.

-- United announced in June that it was going to ground "fuel inefficient" aircraft, despite having no plans to replace them with newer, more efficient planes. This decision was based on then record-high fuel prices. Oil prices now are at a four-year low. On its present course and by the end of 2009, Tilton will have shrunk United's fleet by 20%. This is yet another example that Tilton and his executives didn't learn a major lesson from bankruptcy: You cannot shrink to profitability; you must have a strategy for growing the company.

-- While United Airlines was losing money, Tilton furloughed pilots and other employees, cutting back on service and asking passengers to pay more for less. Tilton's compensation package was reported at $10.3 million. This includes salary, stock grants, options and other added extras. Tilton's $10.3 million compensation package dwarfs that of the CEOs of United's competitors: American Airlines CEO, $4.6 million; Southwest Airlines CEO, $1.3 million; JetBlue CEO, $514,000.

-- UAL doubled the fee it charges passengers for checking a second bag, essentially raising taxes on passengers and encouraging them to go elsewhere.

-- United announced in August that it would discontinue complimentary meal service in coach on many flights to and from Europe as a way to cut costs, only to reverse those plans after passengers protested. The reversal was an embarrassment to Tilton and his executives, and it displayed how out of touch they are with our passengers.

-- In a clear and stinging rebuke from the pilots and other employees, United Airlines' "2008 Employee Survey" showed that UAL employees don't trust, respect or have faith in the management of United Airlines. Only 38 percent of United Airlines expressed "Pride in United," compared with the average Fortune 500 Company, where 84 percent of employees express pride in their employer. Also, 70 percent of United employees said they were dissatisfied with their jobs, 73 percent are looking for new jobs and 77 percent do not think United is a great place to work.

"2008 alone proves that Tilton's so-called leadership at United is a failure," said Captain Wallach. "Tilton's body of work during his tenure at United Airlines speaks for itself. It simply is not working. The pilots recognize it. The employees recognize it. The passengers certainly recognize it. The investment community recognizes it. It's time for the United Board of Directors to realize it. United Airlines must free itself from failed leadership and lack of vision so that it can become, once again, the airline for which pilots and employees are proud to work, and on which passengers will want to fly."

For more information regarding United pilots' call for new leadership at United Airlines, go to its website www.GlennTilton.com.

SOURCE United Master Executive Council of the Air Line Pilots Association

http://www.alpa.org/ual

 

[contrail67]

Last post on this old thread was 10/4...and then it is brought back to life...thank you for educating us....your point?