Welcome to Flightinfo.com

  • Register now and join the discussion
  • Friendliest aviation Ccmmunity on the web
  • Modern site for PC's, Phones, Tablets - no 3rd party apps required
  • Ask questions, help others, promote aviation
  • Share the passion for aviation
  • Invite everyone to Flightinfo.com and let's have fun

As AirTran lost money, CEO got $1.5 million

Welcome to Flightinfo.com

  • Register now and join the discussion
  • Modern secure site, no 3rd party apps required
  • Invite your friends
  • Share the passion of aviation
  • Friendliest aviation community on the web

Eagle757shark

Well-known member
Joined
Jul 31, 2006
Posts
575
As AirTran lost money, CEO got $1.5 million

By KELLY YAMANOUCHI
The Atlanta Journal-Constitution
Friday, April 03, 2009
AirTran Airways paid its chief executive $1.5 million in compensation for 2008, as the company lost a record amount of money for the year.
AirTran CEO Bob Fornaro’s $500,000 salary was about 16 percent higher last year than in 2007. He was promoted from president and chief operating officer to the airline’s top position in November 2007. Orlando-based AirTran has its largest hub in Atlanta.
After AirTran lost $273.8 million in 2008, its largest annual loss in the company’s history, Fornaro took home a $375,000 bonus. That amounted to 50 percent of Fornaro’s potential award. Fifty percent of the potential bonus was based on profitability, 20 percent on cost control and 30 percent on individual performance.
Fornaro’s 2007 bonus was $545,000. His total 2008 compensation, which also included $526,200 in stock awards and $120,086 in other compensation, was roughly the same amount that Fornaro got in 2007.
AirTran, which tried to cut employee pay last year but was unable to get unions to agree to the move, said officers have not seen an increase in their base pay this year while other AirTran employees have.
The company disclosed the compensation information in its proxy filing to the U.S. Securities and Exchange Commission in advance of its annual meeting in Orlando on May 20. At the meeting, shareholders will vote on a revised long-term incentive plan, among other proposals.
AirTran plans to increase the number of shares for the long-term incentive plan to 6 million, extend the term of the plan to 2019 and change other terms. The company is shifting its long-term equity incentives from time-vesting awards of restricted stock to stock awards based on performance.
 
AirTran pilots wake up. As of March 24, 2009 under investor relations and earnings estimates on AirTran.com, AirTran is estimating a $105 million dollar profit for all of 2009. Meanwhile they continue to ask this pilot group to take a 12.5% paycut. They continue to shred through the current CBA and suspend a pilot for taking his family to the circus in uniform. AirTran pilots what are you worth? Remember you are vested in this company!
 
As $hit like this continue and as the rich get richer, poor get poorer and the middle class becomes the endangered species, I can partially take comfort to the fact that when we meet our maker, we will ALL be judged by the most righteous standards. Yes, that means you too, Mr. CEO (or fill in the blank).
 
I'm just going to start mailing Bob 12% of my wife's paycheck every month because he obviously needs it. Unfortunately, 12% of nothing is........


0000000000000000000000000000000000000000
 
As $hit like this continue and as the rich get richer, poor get poorer and the middle class becomes the endangered species, I can partially take comfort to the fact that when we meet our maker, we will ALL be judged by the most righteous standards. Yes, that means you too, Mr. CEO (or fill in the blank).

You got what you voted for eight years ago didn't you? So sleep in that bed you made....
 

Latest resources

Back
Top