Merger Watch
Latest Executive Compensation News
Jan 21 - Glassdoor recently completed a survey which creates what it calls its “CEO Watch List”. It is not surprising that among the firms with detested CEOs are operations that have a history of bad management, layoffs, and investor frustration.
Jan 5 - Customers, employees, shareholders, and taxpayers hate large corporations for many reasons. 24/7 Wall St. has looked at many of these issues to choose the 15 most hated companies in America.
Nov 30 - Airline stocks will develop profits and significant investment returns in 2010 according to FTN equity capital markets.
Nov 20 - Sharyl Attkisson reports that taxpayers have been responsible for worker pensions at some of the same firms where corporate executives received very generous retirement packages.
Key Employee Retention Program
During the bankruptcy, United management filed for three different Key Employee Retention Programs (KERP) which were billed as programs to keep certain management employees from leaving United during the bankruptcy. AFA fought each of the filings in the bankruptcy court and succeeded in obtaining a limit to the bonus amounts, although the court ultimately approved each of the bonus programs. Management received bonuses shortly after the approval of these programs and will receive the rest of these bonuses upon exit from bankruptcy. In total over $35 million dollars has been and will be paid to select members of management – many of whom are responsible for bringing United into bankruptcy.
"Current executives’ promise of "shared reward" rings hollow as they have profited with increased pay, bonuses and stock while workers continue to experience the affects of sacrifice." -- Greg Davidowitch.
United Union Coalition Demands Shared Rewards
As a start, management must make immediate tangible improvements to:
- compensation,
- success sharing program,
- quality of work-life issues, and
- move-up Contract bargaining dates.
- FULL STATEMENT >
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