This UAL guy made some coin

[b737drivr]

United VP Hacker resigns after suing airline over bonuses

Lisa Treon
4/17/2006​

United Airlines executive vice president of strategy Doug Hacker will leave the company effective May 1. Hacker has held a variety of management positions at UAL since 1993 and was chief financial officer from 1999-2001. He has been in his current office since May 2004.
Hacker filed a claim in U.S. bankruptcy court last month for millions of dollars in bonuses he said United owed him for his work between 2000 and 2003. United said Hacker has a remaining claim of $368,167 in conjunction with the company's discontinued Senior Executive Retirement Plan, to be resolved in bankruptcy court, but all other claims have been withdrawn.
Hacker received $841,000 in pay from UAL last year. Under the terms of the agreement UAL Corp. filed with the Securities and Exchange Commission, he will receive $1.07 million in severance pay and as much as $600,000 in other payments. He also will receive a $2.01 million bonus for the recent $56 million sale of online retail marketing firm MyPoints, which he headed, to Internet service provider United Online Inc.

 

[blzr]

That is so sad. I'd like to play golf with that b@stard and brain him with a 7 iron.

 

[GogglesPisano]

That's nothing. The CEO of Exxon just retured with the equivalent of over $140,000 PER DAY of compensation. The free market at work.

April 14, 2006— Soaring gas prices are squeezing most Americans at the pump, but at least one man isn't complaining.

Last year, Exxon made the biggest profit of any company ever, $36 billion, and its retiring chairman appears to be reaping the benefits.

Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes.

Last November, when he was still chairman of Exxon, Raymond told Congress that gas prices were high because of global supply and demand.

"We're all in this together, everywhere in the world," he testified.

Raymond, however, was confronted with caustic complaints about his compensation.

"In 2004, Mr. Raymond, your bonus was over $3.6 million," Sen. Barbara Boxer said.

That was before new corporate documents filed with the Securities and Exchange Commission that revealed Raymond's retirement deal and his $51.1 million paycheck in 2005. That's equivalent to $141,000 a day, nearly $6,000 an hour. It's almost more than five times what the CEO of Chevron made.

"I think it will spark a lot of outrage," said Sarah Anderson, a fellow in the global economy program at the Institute for Policy Studies, an independent think tank. "Clearly much of his high-level pay is due to the high price of gas."

Exxon defends Raymond's compensation, pointing out that during the 12 years he ran the company, Exxon became the largest oil company in the world and that the stock price went up 500 percent.

A company spokesman said the compensation package reflected "a very long and distinguished career."

Some Exxon shareholders are now trying to pass resolutions criticizing the company's executive pay policies. The company is urging other shareholders to vote against those resolutions.

 

[michael707767]

That's nothing. The CEO of Exxon just retured with the equivalent of over $140,000 PER DAY of compensation. The free market at work.

that's not the free market. It's what happens when you sit on your buddies board of directors and he sits on yours.

 

[blzr]

AtLeast Exxon MADE MONEY... I don't have a problem with ANY exec getting compensated for performance. The Dude at United hasn't made a NICKEL for the company in years. Why should he get millions for losing money, they should make him pay back his salary like Mesaba is going after it's furloughed to pay back training costs.

May they all burn in hell

 

[wrxpilot]

"In 2004, Mr. Raymond, your bonus was over $3.6 million," Sen. Barbara Boxer said.

That was before new corporate documents filed with the Securities and Exchange Commission that revealed Raymond's retirement deal and his $51.1 million paycheck in 2005. That's equivalent to $141,000 a day, nearly $6,000 an hour. It's almost more than five times what the CEO of Chevron made.

Wow. I cannot imagine what anybody would do w/ so much money. That is so completely out of my comprehension...

 

[flyguppy]

Um, yeah. Lost $50M+ and gets a big bonus......

United VP Hacker resigns after suing airline over bonuses

Lisa Treon
4/17/2006​

United Airlines executive vice president of strategy Doug Hacker will leave the company effective May 1. Hacker has held a variety of management positions at UAL since 1993 and was chief financial officer from 1999-2001. He has been in his current office since May 2004.
Hacker filed a claim in U.S. bankruptcy court last month for millions of dollars in bonuses he said United owed him for his work between 2000 and 2003. United said Hacker has a remaining claim of $368,167 in conjunction with the company's discontinued Senior Executive Retirement Plan, to be resolved in bankruptcy court, but all other claims have been withdrawn.
Hacker received $841,000 in pay from UAL last year. Under the terms of the agreement UAL Corp. filed with the Securities and Exchange Commission, he will receive $1.07 million in severance pay and as much as $600,000 in other payments. He also will receive a $2.01 million bonus for the recent $56 million sale of online retail marketing firm MyPoints, which he headed, to Internet service provider United Online Inc.

So, this d&*(head sells mypoints.com for $56 million.......and gets rewarded for it????!!! Any guess as to what UAL paid for mypoints????????? UFB!!!

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[FONT=Verdana,Arial,Helvetica,sans-serif][SIZE=+1]MyPoints.com Launches Career Center[/SIZE][/FONT]
[FONT=Verdana,Arial,Helvetica,sans-serif][SIZE=-2]› › › ClickZ News[/SIZE][/FONT]
[FONT=Verdana,Arial,Helvetica,sans-serif][SIZE=-1]By Brian Morrissey | December 30, 2002[/SIZE][/FONT]

[FONT=Verdana,Arial,Helvetica,sans-serif][SIZE=-1]Online incentive marketer MyPoints.com announced Monday that it would open a career center for its members in partnership with Talentology.com, which will provide its skills-based job search engine.
MyPoints.com operates loyalty programs, in which members earn discounts by buying from advertisers, taking Web surveys, and agreeing to receive marketing e-mails though its BonusMail program.
With the career center, San Francisco-based MyPoints.com will allow its estimated 10 million members another option for earning points toward discounts. They'll receive points for registering with Talentology.com and for each completed job interview that was secured through postings on the site. The company said it would add new features throughout 2003.
"We are continually seeking ways to provide our members with added benefits of membership and we know the MyPoints career center will be a much-utilized offering in today's economic climate," said Stefan De Cota, MyPonts.com's senior vice president for marketing. The partnership between the two companies comes as no surprise. Last April, United Airlines' parent company, UAL, bought MyPoints.com for about $112.5 million. MyPoints.com's founder, Frank Pirri, left the company shortly thereafter to found Schaumburg, Ill.-based Talentology, where he is president and chief executive.
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[/SIZE][/FONT]

 

[Purple Promisee]

like Mesaba is going after it's furloughed to pay back training costs.

What? YGBSM. Is there a thread on this or could you elaborate? Thanks. Pp'ee

 

[GogglesPisano]

AtLeast Exxon MADE MONEY... I don't have a problem with ANY exec getting compensated for performance.

How can you not make money in the oil business? It's not like he invented a cure for cancer.

I agree with you that it's all cronyism. (Guess how many BOD's OJ Simpson was on?)

 

[blzr]

What? YGBSM. Is there a thread on this or could you elaborate? Thanks. Pp'ee

Yes, Check out the regional section. I couldn't believe the nerve of management for that one.