JetBlue CEO sees compensation jump 67 pct in '09
By SAMANTHA BOMKAMP (AP) – 10 hours ago
NEW YORK — The president and CEO of JetBlue Airways Corp. received total compensation valued at $1.5 million in 2009, a 67 percent jump from a year before, according to an Associated Press analysis of a regulatory filing.
David Barger, 52, received a base salary of $591,667, a 59 percent increase from his 2008 salary of $372,917. His performance-based cash bonus grew to $375,000 from $250,000.
He also received stock options and restricted stock valued at $499,992 when they were granted, double from similar awards received the year before.
Barger received perks of $13,463 in 2009, up 5 percent from 2008. A bulk of that was in the form of a company contribution to Barger's 401(k) plan.
Barger has been CEO of JetBlue since May 2007. He was a member of the team that founded JetBlue in 1998. He earned $885,625 in 2008.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.
JetBlue was one of only three major U.S. airlines to post a profit last year, as demand sank in the recession. The airline posted a loss in 2008, crimped by record fuel prices and writedowns on soured investments. The company gave nearly all of its top executives more money last year, partly because of the improved performance, but also to get their salaries better inline with their peers.
Another one of the airlines that made money in 2009, AirTran Holdings Inc., also raised the compensation package of its top executive by 30 percent, according to an AP analysis.
By SAMANTHA BOMKAMP (AP) – 10 hours ago
NEW YORK — The president and CEO of JetBlue Airways Corp. received total compensation valued at $1.5 million in 2009, a 67 percent jump from a year before, according to an Associated Press analysis of a regulatory filing.
David Barger, 52, received a base salary of $591,667, a 59 percent increase from his 2008 salary of $372,917. His performance-based cash bonus grew to $375,000 from $250,000.
He also received stock options and restricted stock valued at $499,992 when they were granted, double from similar awards received the year before.
Barger received perks of $13,463 in 2009, up 5 percent from 2008. A bulk of that was in the form of a company contribution to Barger's 401(k) plan.
Barger has been CEO of JetBlue since May 2007. He was a member of the team that founded JetBlue in 1998. He earned $885,625 in 2008.
The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.
JetBlue was one of only three major U.S. airlines to post a profit last year, as demand sank in the recession. The airline posted a loss in 2008, crimped by record fuel prices and writedowns on soured investments. The company gave nearly all of its top executives more money last year, partly because of the improved performance, but also to get their salaries better inline with their peers.
Another one of the airlines that made money in 2009, AirTran Holdings Inc., also raised the compensation package of its top executive by 30 percent, according to an AP analysis.
