Good Old UAL Mgmt.

[a320drivr]

Executive pay riles United's unions

Charlie Lunan
3/28/2007​

A coalition representing the majority of United Airlines'unions, formed to demand a "fair share" of company profits.
In a statement issued Tuesday, the coalition demanded management increase their members' compensation, address their work-life issues and move up contract bargaining dates.
Members of the coalition include the Association of Flight Attendants, the International Federation of Professional and Technical Engineers, the Aircraft Mechanics Fraternal Association, the Professional Airline Flight Control Association and the Air Line Pilots Association.
The unions' members are currently working under agreements negotiated during bankruptcy, which do not become amenable until 2009. Those agreements gave back $5.5 billion in pay and benefits, the coalition said.
On Monday, United disclosed that its five top executives earned $64 million in salary, stock awards, option awards and other compensation last year. The bulk of that sum, or nearly $55 million, was in the form of restricted stock and options that vested last year.
United CEO Glenn Tilton earned $23.8 million, including a $687,000 salary, $11.7 million in restricted stock awards, $10.4 million in stock options, $839,028 in incentive payments, and $210,959 in other compensation.
"Management continues lining its pockets with millions of dollars, while its employees still struggle under the same working agreements and wages implemented during United's bankruptcy," the coalition said in a statement. "Clearly, United management values the concept of 'sharing' as a public relations tactic to extract billions of dollars in concessions, rather than a principle by which they should live and manage. United's employees don't subscribe to management's philosophy that sharing ends at the sacrifice stage."
Unlike many publicly traded companies, United did not post its proxy statement on its "Investor Relations" page or publicize its release to the media.

 

[Tejas-Jet]

Good luck with all that

 

[HomerJ]

Executive pay riles United's unions

Charlie Lunan
3/28/2007​

A coalition representing the majority of United Airlines'unions, formed to demand a "fair share" of company profits.
In a statement issued Tuesday, the coalition demanded management increase their members' compensation, address their work-life issues and move up contract bargaining dates.
Members of the coalition include the Association of Flight Attendants, the International Federation of Professional and Technical Engineers, the Aircraft Mechanics Fraternal Association, the Professional Airline Flight Control Association and the Air Line Pilots Association.
The unions' members are currently working under agreements negotiated during bankruptcy, which do not become amenable until 2009. Those agreements gave back $5.5 billion in pay and benefits, the coalition said.
On Monday, United disclosed that its five top executives earned $64 million in salary, stock awards, option awards and other compensation last year. The bulk of that sum, or nearly $55 million, was in the form of restricted stock and options that vested last year.
United CEO Glenn Tilton earned $23.8 million, including a $687,000 salary, $11.7 million in restricted stock awards, $10.4 million in stock options, $839,028 in incentive payments, and $210,959 in other compensation.
"Management continues lining its pockets with millions of dollars, while its employees still struggle under the same working agreements and wages implemented during United's bankruptcy," the coalition said in a statement. "Clearly, United management values the concept of 'sharing' as a public relations tactic to extract billions of dollars in concessions, rather than a principle by which they should live and manage. United's employees don't subscribe to management's philosophy that sharing ends at the sacrifice stage."
Unlike many publicly traded companies, United did not post its proxy statement on its "Investor Relations" page or publicize its release to the media.

This should surprise no one. It's just history repeating itself for the nth time...

 

[BiffF15]

True, true...

 

[CaptJax]

Union Group Balks At UA Executive Compensation

Union group balks at UAL executive compensation


CHICAGO (Reuters) - News that Glenn Tilton, chief executive of UAL Corp. (UAUA.O), earned $39.7 million in 2006 drew an angry protest from workers at UAL's United Airlines on Tuesday, with unions demanding their "fair share."

Tilton, who led the parent of the No. 2 U.S. airline through a more-than-three-year bankruptcy, received a compensation package last year that included salary, stock options and other perks, according to a government filing.

A group called UAL Union Coalition balked at the incomes of UAL's management in a statement complaining that workers made painful wage and benefits concessions during the bankruptcy that ended in early 2006.

"The dedication, sweat and sacrifice of all United employees have led United Airlines on the road toward sustained profitability," said the group, whose members include unions representing UAL's pilots, flight attendants and mechanics.

"It is not unreasonable to demand our fair share in the financial rewards that management currently enjoys," the group said.

But the company said in a statement the management equity incentive plan was approved last year by the bankruptcy court and the airline's major creditors which "benefited from the involvement and oversight of our unions."

The airline also noted it awarded more than 34.7 million shares of the new company to more than 64,000 current and former employees when it left Chapter 11. The value of that distribution was more than $15 billion at the end of last year, it said. "Executives were not eligible for this award," United added.

UAL slashed its costs in bankruptcy by $7 billion a year, cut its work force by 25 percent and jettisoned its underfunded pensions. The company has about 57,000 employees worldwide, according to its Web site.

Airline labor unions throughout the industry are riled about management pay. Much of that income, however, is pinned to company performance and is therefore at risk.

Shares of UAL have fallen about 10 percent since new shares were issued in February 2006. UAL shares closed at $38.36 on Nasdaq on Tuesday.

(Additional reporting by John Crawley)

03/28/07 07:56 ET

 

[Green]

Union group balks at UAL executive compensation


CHICAGO (Reuters) -


Airline labor unions throughout the industry are riled about management pay. Much of that income, however, is pinned to company performance and is therefore at risk.



(Additional reporting by John Crawley)

03/28/07 07:56 ET

That is one of Doug Parkers tried and true lines. Sure I made 10 million last year but most of that was at risk pay (targets must be met, stock price, etc.). My question is how often do these executives fail to meet these targets?

 

[capt. megadeth]

The airline also noted it awarded more than 34.7 million shares of the new company to more than 64,000 current and former employees when it left Chapter 11. The value of that distribution was more than $15 billion at the end of last year, it said. "Executives were not eligible for this award," United added.



03/28/07 07:56 ET

Awwww, poor babies.....maybe they should be eligible for this too.


F***!!!!!!!!!!!!!!!!!!! My blood pressure is going up and I don't even work for UAL or really know anyone there!

I hope to God one day I can run into that Tilton f*** and give him a piece of my mind......or my foot up his a$$ would be better. What a piece of $hit he is!

 

[crxpilot]

As disgraceful as this is, why didnt the unions have snapback clauses for profitability, why did they ever accept the bullying, why didnt they all just walk?????

 

[av8er2]

History. Pilots are nothing but workers. The union and pilots will never have enough power to get this straight. This why I am probably out of this industry.