Disclosure Filed With SEC A Day After Posting Q1 Loss

A Proxy Statement drafted for Southwest Airlines' Annual Meeting of Shareholders and submitted to the US Securities and Exchange Commission provided details of compensation given its executive officers, including a voluntary cut in salary by CEO Gary Kelly.

In part, the Statement said, "Given the general economic outlook for 2009, the Compensation Committee had anticipated that Mr. Kelly would not receive a raise during 2009.

"Given the Company's actual first quarter 2009 results, Mr. Kelly himself elected to voluntarily reduce his base salary by 10 percent, effective April 1, 2009 and until such time as the Company's quarterly results improve."

Kelly (above) was given a raise last July "in recognition of the significantly increased responsibilities associated with his election as Chairman of the Board and acceptance of the additional role of President," the Statement said. Reuters reports in addition to a base salary of $465,000, Kelly received bonuses and compensation giving him a total income of almost $1.7 million in 2008.

Filed with the SEC last Friday, the timing of the disclosure followed close on the heels of SWA's release of 2009 Q1 figures. As ANN reported, last Thursday SWA posted a $91 million loss in this year's first quarter, compared to a net income of $34 million during the same period in 2008.

FMI: www.southwest.com, Read The Proxy Statement