UAL's Ceo Compensation

[B1900DFO]

Did anybody else read the filing on UAL's newest CEO's compensation? A signing bonus of $3million (for someone with no experience running an airline?). An anual salary of $950,000 in addition to 100,000 shares of Ual and options for another 100,000. Oh and lets not forget a fully funded $4.5 million dollar pension and the opportunity to get bonuses equal to 3 times base salary upon hitting goals. I am there are also some provisions in the contract for free golf, suv's, etc.

I could be wrong but I believe this is the most lucrative package Ual has given, to the most inexperienced CEO they have had, during what they describe as the most critical time in United's history. I can't believe that they cry foul about pilot salaries.

 

[Wiskey Driver]

Would you gladly part with that if he could return the airline to profitability??? I mean total numbers too, all on the streets back on the property. Sometimes you need someone outside the fold to make it happen. I ain't saying that he is the one but in times like this and given the decisions that UAL mgt has made in the past, what's the worst that can happen???

WD.

 

[Dep676]

Let's see the doors could close. I think that is about the worse that could happen. Another greedy CEO milking the company for everything. They wonder why they are going bankrupt. UMMMMM that's not hard to see.

 

[Wiskey Driver]

I read the minutes from the meeting the other day and he seems to have the big picture in mind. All I am saying, as someone who is in the UAL structure or atleast a big part of it, I would gladly part with that if he can turn this thing around...

WD.

BTW I am all for that Glock of yours on the flight deck.

 

[Sleepyhead]

Tilton is gettin no where near what Wolf got.

 

[DH106]

I agree with BE1900DFO (who started this thread). He's right on the money.

I worked there at the World HQ a while back... got to see the daily "screwings-up" at that company. The historical EVIDENCE proves that their present situation is management's fault. Anyone who thinks otherwise doesn't know their UAL history.

How can anyone say, "Hey, he's worth that money if he can turn it around?" First, NO executive is worth that kind of money. Second, every $10 million of executive compensation counts, when you're betting on ruining the financial lives of tens of thousands of people.

But, I'm not a pilot for UAL. Let's hear from any UAL pilots reading this forum. They're the ones getting the big shaft. Comments, any UAL pilots?

 

[pb4ufly]

make the pain go away...

 

[Slug]

Not worth it

As a former employee of UAL it pisses me off that the BOD is willing to throw money around like it was falling off the trees there at World HQ. Signing bonuses are for prima donna athletes who are being bought under a salary cap. Why give $3,000,000 to someone just so he signs his name on a contract without doing one day of honest work. He is not a proven leader in the aviation industry and has little to no experience digging a company out of the bottomless pit most of the majors are mired in. The unproven athletes don't get a bonus + they make the league minimum. His salary (not his bonuses) should be tied to goals. Let's give him $250,000 per year and top his salary out at $500K if he meets his goals for the company. As for stock options-give him the options if UAL goes into Ch 11. Otherwise give him the cash. Or better yet, make all his pay in stock, including the signing bonus. Talk about some motivation to keep UAL out of bankruptcy. Give him a membership to the nearest Y and lease him a KIA Rio. He can upgrade the health club and car, but with his own nickel.

Again, the BOD has made a financial decision that doesn't set well with the needs of the company or its employees. Of course it pisses me off more that Mr. Tilton thinks that this is what he needs to live off of and takes the company to the bank. Aaaahhh to be a CEO.


Slug

 

[P3-Adub]

You guys have no clue ! Anyone worth their weight in salt is going to cost some $$$. Lets here what Carty and Bethune make these days ? You are all living in lala land if you think someone will jump into this mess without some serious compensation, pay what you are suggesting and that is what you will get ! It is crunch time, UAL needs someone with some balls to turn it around, I for one have a little optimism that Tilton, with no airline experience, just may get the big picture. Everyone says that the entire business model must change ! In progress.

Look at other industries and see what top executives make in companies that generate 10 billion a year in revenue and they would laugh at what Tilton's package is. Times are tough but this is not the 1950s. Hey, maybe pay all pilots what an entry level commuter pilots makes, maybe that will make a profit ? Right.

Then again, I could be wrong, Tilton just may walk away with the money bundle and screw everyone. I don't think so.

Heard we just may see the Shuttle come back soon, I say all narrow guage planes be used and we start taking back some of our market share, the new business plan. I'll have a Coke and a bag of rabbit snax please !

Give this guy a chance, you may just be surprised !

 

[banned username 1]

Think it through, guys

Let's say that you're a senior captain at an airline that's sitting comfortably looking at the remaining years until retirement. Out of the blue, somebody asks you to quit that job and go to work as a captain for an airline where every airplane you have to fly has a list of maint. items as long as your arm, the F/As are surly, and you fly to un-fun places. AND, most of all, you weren't sure that you were going to get a future paycheck because of past failures. You couldn't take your retirement from your old job with you either. What would make you go from that known quantity to that of a very unknown one?

What would you require before you moved?

I think the pundits are being unrealistic and once again proving the old notion that "Eveybody makes too much money... except me".

UAL78

 

[Slug]

Okay

All points well taken. I was typing on another disappointing day. Sorry. I'm a little on the mello side and didn't intend to flame Tilton personally, but I did. (I'm not a literary great)

In general, with all that has happened with CEOs these last few months, I'm a little cynical. I believe (my own belief) that CEOs make too much money, cash or otherwise. Especially being unemployed any income over $25K seems great to me.

"Eveybody makes too much money... except me".

UAL78 - As much as you'd like to think this is my personality and belief system you are wrong. My SWA app went in long before 9/11. My peers can make more than me; I don't care. As long as my family and I make a comfortable wage and I'm happy at work then we've got all we need. If I were the money grubber your quote implies I'd wait the five or so years its going to be to get recalled to get back on that glorious pay scale, albeit concessioned down quite a bit.

Slug

Timeframe:

Application to Pizza Hut---------------14 Sep
Called for interview--------------------30 Oct
Interview----------------------------1 Nov
Start new hire training-----------------2 Nov

 

[P3-Adub]

Slug,

My only point was to generate a little positive thinking these days rather than slam the new guy for what UAL needed to pay to attract some talent. I too was a bit surprised to see him come from the "outside" however some fresh thinking is just what this company needs ! It appears that all of the naysayers are now on board about concessions, I was getting sick of hearing about the past and how mgmnt. has messed everything up. One does not besiege a dying patient with medical history questions while he is down and bleeding to death. The mistakes of the past are just that, the future needs to have everyone pulling on the same end of the rope. Unfortunately. as history has shown, great things happen during trying times and then it is all lost later on when times are good again. How soon we forget ! It is really nice to see employee groups working together these days and making some great strides. Call it wishfull thinking but I hope that after things improve people do not forget. I just wish I was there to participate !

There are not any "Airline CEOs" that have experience with the magnitude of today's problems. To just get through this without entering bankruptcy will be a major accomplishment for Tilton and I believe that he has a pretty good chance. The ball is in the ATSB hands somewhat and we will soon have an answer. Should UAL enter BK then it will be ugly for everyone. I find it appalling to hear Bethune's arrogant comments about needing a big one to fall so they can succeed. Wasn't that long ago that he was involved in bankruptcy himself was it ??? Mr. Tilton has made some amazing progress with the foundation that was laid by Mr. Creighton. They, he got rid of a couple bad apples right off the bat !

So your original concern about how much they have given Tilton ? I agree that the perfomance of many of our nation's great companies and their officers have disgraced our country with their greedy practices. I cheer at the S.O.B.s when they are getting jail time because it is criminal ! This has affected everyone in this country, sure hate to be retiring right now with my dismal portfolio ! The ability to attract talent at UAL would have been easy if we were making bundles of cash however this was not the case. I honestly feel that for a 10 million employment package, which is only that high the first year, will be money well spent if this ship is righted. Again, time will tell, sure hope I am right.

Congrats on the SWA gig, hate to lose one of our own. I fully understand though. Ever talk to any of the past UAL furloughees ? They too are not all that pleased with being out for up to 7 years however I spoke with one that is now a 747 captain not that long ago. I get the feeling that despite the extended vacation, he was happy to be flying the whale. We'll see if the concessions dim his perspective some, his pay cut will be more than I make ! Oh the problems one has to deal with !

Enough rambling. Take care.

 

[Slug]

thanks

P3,

Thanks

slug