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Pinnacle Airlines gives top two executives big pay hikes

4BlueBars

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http://www.commercialappeal.com/new...nes-gives-top-two-executive/?CID=happeningnow


Pinnacle Airlines Corp. has approved hefty raises for its CEO and his right-hand man in the midst of a struggle to stave off bankruptcy.

Pinnacle’s board raised CEO Sean Menke’s base salary $250,000 a year, to $675,000, and it gave chief operating officer and executive vice president John Spanjers a $125,000 bump, to $400,000.

The announcement came in a regulatory filing after markets closed today with Pinnacle at $1.32 a share, up 2 cents.

A company statement said the top two executives will shoulder heavier workloads after the March 30 departure of chief financial officer Ted Christie. It said a comprehensive restructuring has increased both men’s duties beyond the scope of previous employment contracts.

Pinnacle, which operates feeder flights for Delta, United and US Airways, launched an effort last December to shed costs, boost revenues and keep its planes flying without going into Chapter 11 bankruptcy reorganization. The company has about 650 employees in its Downtown Memphis headquarters and about 8,000 companywide.

The company previously asked its unions to take 5 percent pay cuts and said non-union employees would also have their pay cut.

Menke, who helped guide Frontier Airlines through bankruptcy, was hired last June to succeed former president and CEO Phil Trenary.

“The challenges facing Pinnacle today are more complex than when Mr. Menke joined the company a year ago,” a Pinnacle statement said.

“Pinnacle’s multifaceted restructuring activities along with the pending departure of the company’s CFO have significantly increased Mr. Menke’s responsibilities. “

Christie is becoming CFO of Spirit Airlines, an up and coming discount carrier.

“In light of the increased responsibilities, our board of directors elected to increase his compensation package,” the statement continued.

“As Mr. Menke’s responsibilities for Pinnacle’s restructuring activities increase with the departure of the company CFO, Mr. Spanjers is being asked to assume additional responsibilities related to leading the ongoing operations of the airline. The board adjusted Mr. Spanjers compensation accordingly.”

Spanjers, formerly president and chief operating officer at Pinnacle’s Mesaba Aviation unit, was named vice president and COO of the parent company last October.

The amended employment agreement says Menke’s base salary for bonus calculation purposes would remain at $425,000 a year, and that he won’t be entitled to long-term incentive plan cash awards based on 2012 results.

Pinnacle spokesman Eric Epperson said the action recognized it will take time to replace Christie.

“We’re still in the thick of this restructuring,” Epperson said.
 

RJLoser

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Unbelievable. Unless there is good news coming... Menke has no morals/ethics.
 

Ridgeback

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Well my "yes" for 5% vote just became a resounding "NO", perhaps that's their intention with this raise...then they can blame it on the unions
 

bri5150

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I am pretty sure he doesn't care about that anymore. Our fate has been sealed, whether its good or bad. I am going to guess bad.
 

Snaab

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Our Board of Directors is a flippin' joke, and would be the reason this airline goes into bankruptcy (if that does happen). In this environment, I'd only be giving out raises if we actually picked up NEW FLYING and got new agreements with UAL and DAL. Last I checked, the only change in future flying we have to look forward to is a bunch of Colgan Saabs being parked from the reduction of BOS and Dulles flying. But, yeah go ahead and give the suits a raise!! Our Board's real bright...

Speaking of our Board again, do a search on the Chairman of our Board and see where and for whom he worked in the 1980s.
 

mtsupilot376

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Donald J. Breeding

Interim Chief Executive Officer and Chairman of the Board
Pinnacle Airlines, Inc.
Memphis , TN
Sector: SERVICES / Regional Airlines
Officer since March 2011

76 Years Old
Donald J. Breeding, age 76, has been a member of our Board of Directors since January 2003 and has been Chairman of our Board since November 2007. Mr. Breeding was President and Chief Executive Officer of Airline Management, LLC from 1997 to 2007. From 1992 to 1997, he served as President, Chief Executive Officer and Director of Continental Micronesia, a majority owned subsidiary of Continental Airlines, and from 1988 to 1992 he served as Senior Vice President, Operations of Continental Airlines. Prior to joining Continental Airlines, he served in a number of executive positions for Eastern Airlines and Texas International Airlines. Mr. Breeding was also a Director of Reliant Energy until December 31, 2009. Mr. Donald Breeding, Chairman of the Board, will be providing the Company his expertise in airline management in the interim until a successor has been identified and hired.

http://people.forbes.com/profile/donald-j-breeding/63821


---
I am here: http://tapatalk.com/map.php?cirdit
 

GOULET!

Oh look..a bighorn!
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Wow...just wow. Maybe that is where all of your payroll "errors" went last week. Pinnacle is an absolute joke. I hope you guys burn that place to the ground.
 

pilotyip

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They have produced a crop of good pilots we have hired a few, good guys, do a good job. Just think of it, they look at moving from there to a non-sked at KYIP as a move up the career latter
 
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Kaman

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So, what kind of letter from the CEO are we going to get when they announce the hiring of one of his buddies to be the "new" CFO?
 

xjhawk

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So I am assuming that they are saying that since their defined responsibilities have increased so there fore they are due an increase in pay. So....... I am assuming what is good for them is good for us. How many extra revisions have we done to move along this merger? How many memos? How many hours spent reviewing documents and for some of us calculating just how badly we got screwed in the merger of lists? So has anything been said about pay increases across the board for all workers who have an increased work load?
 

bri5150

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Honest to god, I am about ready to talk to the union about adding 1 hour to our check every other week because of those dang Lido revisions. I have spent more time doing work stuff at home than I did my entire career before this merger.
 

Mercyful Fate

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When you do such a wonderful job, you deserve a big ass raise!!!
 

gnx99

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Funny they leave out the hiring of TWO consulting firms a few months back. Seems to me that two whole teams of consultants should more than make up for Menke's "increased responsibility".
 

no1pilot2000

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Hey, don't get too upset over this issue. These CEO's and CFO's at Pinnacle who are getting these heafty pay raises are really a bunch of real heafty SOB's! The pilots at Pinncle need to take care of their own, because management won't.
 
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