Tue, Sep 30, 2008
Say CEO Has Done Nothing To Earn Fat Paycheck
Pilots for United Airlines fired
another salvo this week against management at their troubled
airline, calling for the UAL Board of Directors to cut the pay of
CEO Glenn Tilton, "as a reflection of concern and solidarity with
passengers and employees who are being forced to tighten their
belts."
According to the United chapter of the Air Line Pilots
Association -- which will be first to admit they're not fans of the
current regime at UAL -- Tilton's total compensation package comes
to $10.3 million a year -- including salary, stock grants, options
and other added extras. The pilots say that's the highest
compensation package in the airline industry.
By comparison, American Airlines CEO Gerard Arpey is paid $4.6
million a year, Gary Kelly at Southwest Airlines makes $1.3
million, and JetBlue CEO David Barger gets $514,000.
"United's pilots believe that there is no justifiable reason for
the worst airline executive to be compensated the most," the pilots
write, noting UAL has lost more money this year than nearly all
other US competitors combined.
"United Airlines is losing money, cutting back on service and
asking passengers to pay more for less," said Captain Steve
Wallach, Chairman of the United Chapter of the Air Line Pilots
Association. "It's time for the Board to tie Tilton's pay to his
performance."
Wallach added Tilton's level of compensation is another example
of excessive pay to chief executive officers. "His pay is not an
entitlement; he should have to earn his money, just like everyone
else does," said the union leader. Captain Wallach noted United's
stock price has fallen from over $50 a share to the current price
of about $10 a share.
"It's an insult to the loyal passengers and hard-working
employees of United to see the CEO pull down this kind of money
when the airline is facing such deep challenges," added Wallach.
"This pay package must go."
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