Aces High Bulletin Board
General Forums => The O' Club => Topic started by: oboe on December 29, 2004, 11:25:46 AM
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US Airways, the bankrupt No. 7 U.S. airline, is seeking volunteers from non-union staff to work for free at its troubled Philadelphia operations over the New Year's weekend:
http://money.cnn.com/2004/12/29/news/fortune500/usairways_free.reut/index.htm?cnn=yes
In a related story, the airline's CEO, David Siegel, has a compensation package with a potential value of nearly $11 million:
http://www.usatoday.com/travel/news/2004-04-12-usair-pay_x.htm
Is Mssr. Seigel crazy? Or crazy like a fox?
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They need it, I was stuck in the belly of the MF beast, also known as philly international airport, overnight, because the employees left and stuck me hanging...
got to MPLS and my lugage wsnt even scanned...from PROVIDENCE.
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Sorry you got stuck, Redtail. There's a reason that employees are so unhappy. I blame management completely - starting at the top.
Absolutely beyond me how the CEO of a bankrupt airline can wring wage concessions for two straight years from employees and still feel he's entitled to a multimillion dollar salary.
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Whatever could cause employees to develop a "bad attitude" like that?
It is SUCH a puzzle.
US Air Officials Have $45 Million Incentive to Quit (http://www.cfo.com/article.cfm/3000057/c_2984784?f=archives&origin=archive)
Come Oct. 12, (2001) the three top executives of US Airways Group Inc. will have 30 days to consider quitting and receiving a total of $45 million in "liquidated damages" and retirement benefits, according to a proxy statement filed with the Securities and Exchange Commission, Monday's Wall Street Journal reported...
Chairman Stephen Wolf, Rakesh Gangwal, chief executive, and Lawrence Nagin, general counsel, could elect to receive lump sums from US Airways equal to three times their respective salaries and bonuses, the proxy said. They also stand to receive continued pension, health insurance, travel and fringe benefits for three years (four years for Mr. Wolf).
US Airways CEO stock, pay package could reach $11 million (http://www.usatoday.com/travel/news/2004-04-12-usair-pay_x.htm)
...According to US Airways' proxy statement, filed Friday, Siegel received a salary of $600,000 and no bonus in 2003, plus other cash compensation of $98,890. He was also given 1.13 million shares of US Airways stock, valued at $8.3 million under Securities and Exchange Commission accounting rules..
US Airways CEO David Siegel steps down (http://www.forbes.com/newswire/2004/04/19/rtr1337296.html)
Siegel's contract expired on March 31 and he had a 30-day window to exercise his right to stay or leave. He could collect roughly $5 million in severance.