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Bankrupt United wants to award millions to top executives
Will the parent company of United Airlines pay $15 million in stock to its CFO after the carrier emerges from bankruptcy?
That possibility was raised in a media report by Bloomberg News, which said the proposal was part of parent company UAL’s latest offer to creditors and unions as the airline attempts to emerge from three years of bankruptcy.
Under the published plan, the company’s top eight executives would receive stock options worth $24 million.
United’s unions are objecting to the plan.
Said Joe Tiberti, spokesman for the International Association of Machinists:
“The members find it gross and disgusting that United executives are going to benefit from the worker’s sacrifices.”
As part of its efforts to cut costs, UAL terminated pension plans for thousands of its former employees. That responsibility was turned over to the federal government.
Report by David Wilkening
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