April 28, 2008
United Pilots: Tilton’s ‘Greed’ Has Gone On Long Enough
CHICAGO--The lining of United CEO Glenn Tilton’s pockets continues, even in the face of the airline’s $545 million first quarter loss. Late last week, United filed its 2007 compensation packages for the senior executives responsible for these losses, revealing a $10.3 million take in salary, bonuses, stock grants, and stock options for Mr. Tilton.
“This in-your-face display of corporate greed has gone on long enough,” said Captain Steve Wallach, chairman of the United chapter of the Air Line Pilots Association, International. “United will use whatever metric they can to justify this outrageous salary to a CEO who refuses to manage costs in this known cost-sensitive industry. In 2007 United still had the highest non-labor unit costs in the industry, nearly equaling those in 2002 when United entered bankruptcy. Yet, we witness this shameful grab on Mr. Tilton’s part while hundreds of employees face losing their jobs as a result of the airline’s staggering first quarter losses. The time has come for Mr. Tilton to be held accountable for the abysmal numbers and operational deficiencies that have been turned in under his watch.
“In light of this first quarter performance and this management group’s inability to find a suitable merger partner, the only morally correct decision is for Mr. Tilton and his executives to decline this obscene compensation,” said Captain Wallach.
“United has a financial sieve that leads directly into senior management's pockets. The time has come to plug these holes and invest this money into the future of this airline.”
Founded in 1931, ALPA is the world’s largest pilot union representing more than 56,000 pilots at 41 airlines in the U.S. and Canada.
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Contact: Dave Kelly, 847/292-1708