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?