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Burns stands to make $2.25 million
Former Delta, Mirant exec's pay disclosed
STAFF AND NEWS SERVICES
Published on: 12/23/05 Ex-Delta Air Lines and Mirant Corp. executive M. Michele Burns will make as much as $2.25 million in salary and bonus during her first year with her new employer.
Burns also will be eligible for long-term incentive awards worth at least $2.625 million in 2006, and she could be paid up to $1.8 million for awards from her previous employer that she might forfeit.
Marsh & McLennan Co., a New York investment management and insurance firm, disclosed the figures in a regulatory filing Thursday.
Burns is set to become an executive vice president and chief financial officer at Marsh & McLennan. Her salary was set in a three-year employment agreement, which takes effect when she joins the company on March 1.
Burns will get an annual salary of $750,000 and is eligible for an annual bonus of 100 percent to 200 percent of that, with a minimum 2006 bonus of $750,000.
Marsh & McLennan also agreed to cover Burns' housing and travel expenses for up to 18 months — with up to $8,000 a month in housing costs and one weekly airfare between Atlanta and New York — plus a "gross-up" to cover income taxes because of the perks.
Burns has been executive vice president, chief financial officer and chief restructuring officer of Mirant since 2004.
Before that she was chief financial officer at Delta, where she was among top executives who benefited from a controversial compensation plan in 2002. The plan awarded executives hefty bonuses and bankruptcy-proof pension trusts at a time of deepening financial crisis and job cuts at the airline, now in Chapter 11 proceedings.
Delta recently moved to rescind Burns' pass for free first-class flights. She filed a motion in bankruptcy court to fight the move.
Former Delta, Mirant exec's pay disclosed
STAFF AND NEWS SERVICES
Published on: 12/23/05 Ex-Delta Air Lines and Mirant Corp. executive M. Michele Burns will make as much as $2.25 million in salary and bonus during her first year with her new employer.
Burns also will be eligible for long-term incentive awards worth at least $2.625 million in 2006, and she could be paid up to $1.8 million for awards from her previous employer that she might forfeit.
Marsh & McLennan Co., a New York investment management and insurance firm, disclosed the figures in a regulatory filing Thursday.
Burns is set to become an executive vice president and chief financial officer at Marsh & McLennan. Her salary was set in a three-year employment agreement, which takes effect when she joins the company on March 1.
Burns will get an annual salary of $750,000 and is eligible for an annual bonus of 100 percent to 200 percent of that, with a minimum 2006 bonus of $750,000.
Marsh & McLennan also agreed to cover Burns' housing and travel expenses for up to 18 months — with up to $8,000 a month in housing costs and one weekly airfare between Atlanta and New York — plus a "gross-up" to cover income taxes because of the perks.
Burns has been executive vice president, chief financial officer and chief restructuring officer of Mirant since 2004.
Before that she was chief financial officer at Delta, where she was among top executives who benefited from a controversial compensation plan in 2002. The plan awarded executives hefty bonuses and bankruptcy-proof pension trusts at a time of deepening financial crisis and job cuts at the airline, now in Chapter 11 proceedings.
Delta recently moved to rescind Burns' pass for free first-class flights. She filed a motion in bankruptcy court to fight the move.
