Pay for United CEO Jeff Smisek jumps to USD$14.7 million from USD$4.4 million

the obscenity of executive compensation is truly staggering...

Compensation for Jeff Smisek, chief executive of United Continental Holdings, surged in 2011, reflecting greater responsibilities after a 2010 merger that created the world's largest airline, according to a filing.
Total compensation rose to USD$14.7 million last year from USD$4.4 million the previous year, the company said in a proxy statement on Friday.

Much of the increase came from a USD$7.5 million stock award that vests over three years and is subject to performance goals including revenue and cost synergies from the merger of United and Continental Airlines, according to the filing.

Smisek was also awarded USD$4.4 million non-equity incentive compensation. About USD$2.4 million of that was payment for years 2009-2011 that was earned in 2011 and based partly on Continental's performance before the October 2010 merger.

even more staggering is that it comes on top of a $400M loss in the last quarter...

The parent of United Airlines reported a first-quarter loss that more than doubled from a year ago thanks to costs related to integrating Continental Airlines.

United Continental Holdings said it had a $448 million net loss, or a $1.36 loss per share, in the first three months of the year, not as bad as analysts expected.

Excluding $162 million in charges mainly linked to the integration costs, the loss amounted to $286 million, or 87 cents per share, UAL said. The Wall Street average estimate was for a $1.03 loss per share.

since i used to work at united, i know first-hand just how much the officers are focused on themselves and their own personal gains... i've already been "treated" to the "new" united and, believe me, it's no improvement... in fact, quite the contrary...

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