[IP] UAL may pay CEO $15 million
UAL may pay CEO $15 million
Bloomberg News
UAL Corp., the parent of United Airlines, is considering paying Chief
Executive Glenn Tilton $15 million in stock after the carrier exits
bankruptcy, according to a consultant's review of the proposal
obtained by Bloomberg News. The company's top eight executives would
receive -- over a four-year period -- restricted stock and options
valued at $24 million, giving them a 3.3 percent stake.
"The members find it gross and disgusting that United executives are
going to benefit from the workers' sacrifices," said Joe Tiberi, a
spokesman for the International Association of Machinists, which
represents baggage handlers and customer service agents at the carrier.
"This seems reasonable in comparison to what has been done in other
large public company cases," said Lynn LoPucki, a UCLA law professor
who specializes in bankruptcy law.
Next week, a court is to consider the company's bid to exit from
Chapter 11 as early as February.
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