U Execs, Officers, and BOD Pay cuts

[skyboi]

Well, here they are...
Pres. & CEO ...............20%
VP (all 300,000 of them)...13.5%
Senior/Exec. Officers......17%
Board of Directors.........20%

-Consistent with T/As, there will be no increase in pay until at least 2004

-No Incetive Comp Pay (ICP)or Long-term Incentive (LTI) through at least 2004

-No decisions have been made on the status of ICP or LTIP plans for 2004 and beyond. Much will depend on the company's financial condition.

-Officer-level premiums will match the new higher contribution level as agreed to by ALPA.

-Annual sick leave will be reduced by one day, beginning in 8/02 (to earn 11 days annually, rather than 12 days)

-Officers will forego one week of vacation accrual over the next 12 months.
(Data from http://thehub.usairways.com)

SO there ya have it. images/icons/shocked.gif What do YOU think???

[ 07-26-2002, 01:25 PM: Message edited by: skyboi ]

[jetstewus]

For what they make, I think they should give a little more. I don't think most of the line employees make so much money that they should have to give back anything. And that BS about "if you don't ratify the TA we will try to get more in Bankruptsy..." What kind of crap is that? You can either live with what you are asking for now or you can't.

750,000 minus 20% is still 600,000 right? I hope they can get by somehow. It's better than nothing and I'm pleased that they have finally shared what they are giving up...but the way it affects them compared to the way our cuts affect us sort of leaves me cold and un-impressed.

Thanks for the info, though, skyboi!

[ 07-27-2002, 05:29 PM: Message edited by: jetstewus ]

[quickcallqueen]

I read that same piece of information in the crewroom in LGA a couple of days ago. Our new CEO has promised that he would cut his own pay and also ask senior management to do the same. It is true that the CEO is making more than our line flight attendants and ground personnel.
As I said before, everyone has the right to vote their conscience on the TA; one member, one vote.
That is a right that we all have and I respect that. I know that there are alot of hard feeling out there. Ask anyone who has been through it before whenever there has been an economic downturn and the airline industry was in shamble. More specifically, whenever there were other times in the past when US Airways was in really bad financial shape, there were similar situations in regards to having tho make concessions to save the company at the 11th hour. Yes, it is true that everytime we had an ineffectual CEOs and a failed business plan, it brought us to the present condition and we as employees were asked to make concessions. I know this stirs up alot of angry feelings. Yes we can be mad that the company management has had one failed business plan after another. Yes we have had CEOs that did not do very well with making our company a viable competitor in the marketplace. Consequently, that is what caused our company to be in the present situation.It is the past, it is water under the bridge.But that is all negative energy. Sure, I can be angry at alot of things. But, we need to be focused on the future and look at the long term.
Before I left LGA and commuted home, I voted this morning. We will see what happens, and I know many of us hope for the best.