Leo Mullin's 16 $MIl Retirement

[abenaki]

While I no longer have avested interest in the "regional"/major" airline biz, I find it abhorrent that DAL would attempt to extort concessions from the Comair pilots with hopes of empty promises of "more aircraft".....AND THEN HAVE THE AUDACITY.......

a short few weeks later, allow the president of Delta to retire and take a SIXTEEN MILLION DOLLAR RETIREMENT PACKAGE. It is my understanding that the concessions asked of the Comair pilots were about $8 million.......I guess having Leo take a paltry 8 million in retirement would have been out of the question in order to not have to ask a labor group making between $22K and $100K for "concessions".

I find it absolutely morally outrageous that this kind of scenario is acted out evry day in this, and other businesses, by people who feel that they are somehow entitled to these massive "retirement" packages and other "perks" and "retention bonuses" while at the same time beating their workers into oblivion.

It's not as if Leo or virtually any other airline "manager" of late has done a particulalry exemplary job of doing ANYTHING except driving the destruction of once proud companies.

The abashed greed, thirst for power, deliberate abuse of their employees amongst these individuals who's names will go down in infamy, is a moral outrage in my book.

I applaud the Comair pilots for having the fortitude to "just say no" to the egomaniacs of DAL management. Taking a stand in the face of an unknown future takes guts. God bless 'em for doing so. And I hope the Comair MEC shoves the request for concessions down Leo's throat. The hypocrisy is isn't even subtle.

Those who (place themselves) first will be last, those who are last will be first. ( A paraphrase, I know, but it fits.....)

 

[OOramperpilot]

As distasteful as you might find it, I am willing to bet a bottle of Middleton's that this was part of his compensation package when he signed on with DL six years ago at a time when things were somewhat rosier than they are now. Which also, unless I'm mistaken, and correct me if I'm wrong, was prior to DL buying either Comair or ASA so I'm sure the negotiation of his compensation wasn't intended to insult the good folks at Comair or ASA.

It's also, by CEO standards a fairly modest package. Check out what Jack Welch got when he bailed from GE!

Another point would be the self adminsitered pay cut that Leo took. Again, correct me if I'm wrong but wasn't he making close to $13 mil a year and then cut his own pay down to something like $3.9 mil? That would get you more than the 8 million you think he should have given up, which in fact he did. The down side of this is that it's probably a pretty safe bet that this $9.1 mil savings didn't flow into DCI's coffers.

Welcome to the world of CEO's.

 

[Dr. Hootie]

Doesn't matter. Todays CEO pay and compensation packages are outragous and egregiously inappropriate. BTW, Jack Welch turn GE around (not easy for a ship that big) and his package created quite a controversy. He eventually had to relinquish some of the benefits. Again, bailing ship and being paid $16 mil to do so is wrong.

 

[fly4ever]

I have no problem with a CEO getting paid handsomely or taking a significant retirement package. My problem with it is when said CEO is beating down the labor group, demanding cuts and concessions and then in the next breath emptys the company coffers or signs a hefty package for himself in the forms of a golden parachute. Jack Welch - good for him.. Leo Mullin, Don Carty & the other Lorenzo types are nothing but robber barons of old. Not to worry, they'll get theirs in the end.