Continental CEO defers pay/bonus until profitability restored

[Hutchman]

Not until full year profitability, didn't you read? Rings hollow for him to give up his salary and bonus. He's already made 10X what he needs to retire today and not change his lifestyle one bit.

And now the rest of the story......

"In a regulatory filing Monday, Continental said Smisek's annual salary is $730,000. In his previous job as president and chief operating officer, he was due a salary of $576,000 in 2008 but declined more than half and was paid $240,000. He got no bonus that year — nor in the previous two years — but was paid $1.4 million under an incentive program that rewards executives for the company's performance over the previous three years."

Where else can you tell your employees AND THE MEDIA that you will not take a salary or BONE-US and still pocket 1.4 million?

 

[SuperFLUF]

And now the rest of the story......

"In a regulatory filing Monday, Continental said Smisek's annual salary is $730,000. In his previous job as president and chief operating officer, he was due a salary of $576,000 in 2008 but declined more than half and was paid $240,000. He got no bonus that year — nor in the previous two years — but was paid $1.4 million under an incentive program that rewards executives for the company's performance over the previous three years."

Where else can you tell your employees AND THE MEDIA that you will not take a salary or BONE-US and still pocket 1.4 million?

And that's not even all of it.
A business reporter in Houston reported yesterday that he made 4.9 million in 2008 as the president. Certainly made more than that last year and with his pay raise as CEO, even if he does give up his salary...yada, yada....he will still make more this year than last.

 

[General Lee]

It is all deferred compensation. He will get the same amount eventually, but he is trying to make you look bad to the rest of the employees. Classic MBA tactics.


Bye Bye--General Lee

 

[Ben Franklin]

Classic MBA tactics.


Bye Bye--General Lee

I would think a "classic MBA tactic" would be to get paid as much as possible as soon as possible... and then on to the next one.

Seems to me that taking a "paycut" to serve the greater good of an institution is a communist tactic.

Sincerely,

B. Franklin

 

[jonjuan]

I would think a "classic MBA tactic" would be to get paid as much as possible as soon as possible... and then on to the next one.

Seems to me that taking a "paycut" to serve the greater good of an institution is a communist tactic.

Sincerely,

B. Franklin

he's taking a paycut to get the trojan horse in the back door of the MEC.

 

[SuperFLUF]

I would think a "classic MBA tactic" would be to get paid as much as possible as soon as possible... and then on to the next one.

Seems to me that taking a "paycut" to serve the greater good of an institution is a communist tactic.

Sincerely,

B. Franklin

If he were really taking a pay cut. He's only pretending to. Thus a classic lawyer tactic.
Not sure if he has an MBA, he does have masters in economics.

Unless, of course, he's in with the Illuminati and knows there will be another false flag op this year just like 9/11.
Or could it be that he knows a merger with United will happen and thus kill the analysts' forecast of 190 million profit?

A communist tactic would be to take a paycut to serve the greater good and then remove community contributions from all of the worker's pay in order to furninsh his lavish lifestyle.

Another note; as the #2 man, in 2008 he "forgave" 1/2 of his salary and ALL of his "bonus" and still eeeked out 4.9 million dollars.
Quite a bit more than the #1 guy at SWA, who actually turned a profit that year.

http://blogs.chron.com/lorensteffy/2010/01/continentals_ne.html

http://seekingalpha.com/article/174816-trying-to-understand-airline-executive-compensation

 

[EMBpilot]

1. Good way to start the CEO career! What a guy! Good PR all over the country, even some of the World. Who knows maybe Burger King will want him next?

2. Good way to boost the moral of employees so you can continue to rape them, maybe even ask for concessions and make them feel how hard it is out there, but if we sacrifice more and work more and not ask for anything we might be OK! Bottom line - if we make less then Delta people, doing the same business, we should be OK, right?
My airline pays me crap, but thats how it can buy yours!

3. Good way to demoralize the negotiation committee and almost every pilot on the property in light of the new contract.

4. Good way to bump the stock so Larry could cash out - most likely has been preplanned.

5. He'll get money somewhere esle and soon, just watch, but it will not make the news. Besides, still yound and yeah, maybe Burger King will want him?

 

[Jetjockey]

I cashed in on that bump in stock. Only a few hundred shares, but a nice bump indeed.

 

[flynryan15]

AHHHH! How nice a multi-millionaire giving up pocket change always brings a tear to my eye!! :bawling:

 

[jonjuan]

1.
5. He'll get money somewhere esle and soon, just watch, but it will not make the news. Besides, still yound and yeah, maybe Burger King will want him?

http://en.wikipedia.org/wiki/Greg_Brenneman

 

[ATRCA]

1. Good way to start the CEO career! What a guy! Good PR all over the country, even some of the World. Who knows maybe Burger King will want him next?

2. Good way to boost the moral of employees so you can continue to rape them, maybe even ask for concessions and make them feel how hard it is out there, but if we sacrifice more and work more and not ask for anything we might be OK! Bottom line - if we make less then Delta people, doing the same business, we should be OK, right?
My airline pays me crap, but thats how it can buy yours!

3. Good way to demoralize the negotiation committee and almost every pilot on the property in light of the new contract.

4. Good way to bump the stock so Larry could cash out - most likely has been preplanned.

5. He'll get money somewhere esle and soon, just watch, but it will not make the news. Besides, still yound and yeah, maybe Burger King will want him?

HHmmm... the most ironic thing about your post is that one of the best leaders in recent CAL history left CAL to become the CEO of......??????

You guessed it...Burger King!!

A great many knowledgeable people credit him for CAL's turnaround of the early 90's despite the credit often given to Gordon.