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I read in the USA Today (I think) several months ago that Glenn Tilton was the highest paid CEO in the industry by a long shot. As I recall, his compensation package exceeded $1,200,000 per year, and he is worth every penny of it.
As if this is anything new. CAL has always been "generous" to management with their compensation. As one of their spokesman said a few years ago, "You don't pay someone the most because you're the biggest. You pay them the most because you're the best."
Oh, really?? Well this certainly doesn't apply to the everyday employees at CAL. This line was referenced widely during Express and CAL contract talks. It was amazing to employees that upper management was getting paid 30-40% more than industry average compensation. The workers, however, were compensated 30% or so less.
"Chairman and Chief Executive Frederick Smith is getting $6.3 million in bonuses for fiscal-year 2005, the company disclosed Wednesday in a filing with the Securities and Exchange Commission.
The shipping specialist's top executive is getting a $3.34 million annual cash bonus for fiscal-year 2005 that is based on the firm's share price performance relative to the S&P 500 and indexes, financial performance, market share in the U.S. and other factors. Members of the board have approved the bonus.
The bonus is capped at 300% of his base salary with a target of 115%.
Smith also is receiving an additional $3 million cash bonus as part of a long-term incentive program that's tied to the company's per-share earnings.
And as of July 1, he receives a base salary of $1.33 million, a 3.5% increase, according to the filing. In fiscal-year 2004, Smith received a $2.6 million bonus and $1.2 million in long-term compensation, said FedEx spokesman Jess Bunn.
As well, the head of FedEx Express, David Bronczek, received a $1.68 million annual bonus for fiscal-year 2005 and a $1.5 million bonus for the long-term compensation program, according to the 8-K filing.
FedEx stock closed up 1% to $83.49 on Wednesday but is down 16% so far this calendar year.
The shipper's fourth quarter and fiscal year wrapped up on May 31.
For the year, revenue rose 19% to $29.363 billion and net income rose 73% to $1.449 billion."
What's the bonus for stalling pilot negotiations...I guess they don't report that to the SEC.
I read in the USA Today (I think) several months ago that Glenn Tilton was the highest paid CEO in the industry by a long shot. As I recall, his compensation package exceeded $1,200,000 per year, and he is worth every penny of it.[/QUOTE]