From the article....

US Airways chief executive David Siegel received a 2003 compensation package valued on paper as high as $11 million, the vast majority of it in restricted stock that has already lost almost half its value.

Siegel's 2003 salary was $600,000, according to the airline's proxy statement filed Friday with the Securities and Exchange Commission. US Airways is seeking pay concessions from its workers.

link... http://www.charlotte.com/mld/observer/news/8400178.htm?1c In "section A" link on left and sixth article from bottom of page.

There is a similar article about Dave's CEO pay/compensation in the Wash Post today. It's written by Keith Alexander. This guy always puts a negative spin on US Airways. He is soooo rediculously biased it's become a joke even for those of us who are not even associated with the airline.

The title of the article in bold print is:

"Stock Awards Outweigh Pay Cut, US Airways CEO Profits From Deal Made in Bankruptcy"

That's a bogus and misleading title... get the facts.

Read a little further (and between the lines when necessary) and you find out that Dave's stock compensation could "potentially" outweigh his salary cuts. That's a big difference. In order for Dave to make money, US needs to prosper. And this is bad how? Dave's salary was dropped from $750k to 600k and his exsisting stock awards have plunged almost 50% in value since awarded. He does have the right to excercise warrants at a strike price of well over $7 (US's stock currently trades at the $4 level...).

The article makes no mention of the golden parachute that Dave has refused to take by quitting US Airways now. He could have walked with millions.

Setting aside everything I like and dislike about US's management and union issues right now, at least it would be nice to see accurate reporting about the issues and situations in the media.

Go, Keith, go!!! You're great entertainment but you're certainly no journalist. :rolleyes:

geo, i do agree that the 11 million dave can't do a lot with that. and I agree that the reporter is biased against US airways.
but was wondering about the golden parachute though... like a lot of FTalker's I watched the speech and it made me wonder that by taking the money and jumping ship's = shooting himself in the foot. Who else would hire him after that? Look I know Us is in trouble, so I am leaving and taking a lot of money with me... if this happens to your company I would be doing the same thing.

This is America. Somebody always hires failed execs. The issue is optics. The total thrust at the place, relative to turning it around, is continued employee givebacks. While on the surface, this package probably looks bigger than it is, no CEO in this position can afford to have the company dialogue focused on what his or her pay really is. Whatever it is, it's a lot more than the average worker is getting, and trying to explain it is a zero sum game. Going back, when Bethune came to Continental, nobody at the company cared what he made during the turnaround, because the decision making provided immediate evidence of change, and the communication was good. The recent rejiggering of federal loans, primarily to avoid embarrassment for your government, was tacit admission that this company's early emergence from bankruptcy may have been premature. Coupled with this is a continuing company spin that isn't always quite the way it is. Dave seems to be a smart guy, and nobody expects him to work for free, but the system provides big payoffs for execs who succeed with turnarounds. They're called options and incentives. There may be a lot of those embedded in this 11 million, but those guys at the top need to be sensitive to how it looks to the rank and file.

The article makes no mention of the golden parachute that Dave has refused to take by quitting US Airways now. He could have walked with millions.



Guess someone at U reads this board....

Guess someone at U reads this board....

Yeah but it took Dave 9 days to read Geo's post and act on it....

I wonder how many CEO's are willing to take the reigns of this beast?

It's going to be an interesting next few months. And I doubt it will be pretty. :(