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Sept. 29 (Bloomberg) -- United Airlines pilots, locked in a legal battle with the carrier, want the board of parent UAL Corp. to reduce Chief Executive Officer Glenn Tilton's pay.
The Air Line Pilots Association in a statement today stepped up its battle against Tilton by publicly calling on the Chicago- based company's directors to act. The union in August called for Tilton's resignation, citing poor on-time performance, unhappy customers and financial losses at United.
The union's request builds on a rift between the pilots and United, the second-largest U.S. carrier by passenger traffic. The airline has said it will cut 950 pilot jobs among 7,000 positions it's eliminating as it parks planes to help stem losses from record fuel costs.
``United Airlines is losing money, cutting back on service and asking passengers to pay more for less,'' Steve Wallach, the union's chairman at the airline, said in the statement. ``It's time for the board to tie Tilton's pay to his performance.''
Tilton's 2007 compensation was $10.3 million, including a base salary of $850,000, stock and option awards and non-equity incentive payments, according to a UAL regulatory filing in April. The pilots union said that was the highest total compensation for a CEO among U.S. carriers.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aPE7dntCWpCA&refer=us
The Air Line Pilots Association in a statement today stepped up its battle against Tilton by publicly calling on the Chicago- based company's directors to act. The union in August called for Tilton's resignation, citing poor on-time performance, unhappy customers and financial losses at United.
The union's request builds on a rift between the pilots and United, the second-largest U.S. carrier by passenger traffic. The airline has said it will cut 950 pilot jobs among 7,000 positions it's eliminating as it parks planes to help stem losses from record fuel costs.
``United Airlines is losing money, cutting back on service and asking passengers to pay more for less,'' Steve Wallach, the union's chairman at the airline, said in the statement. ``It's time for the board to tie Tilton's pay to his performance.''
Tilton's 2007 compensation was $10.3 million, including a base salary of $850,000, stock and option awards and non-equity incentive payments, according to a UAL regulatory filing in April. The pilots union said that was the highest total compensation for a CEO among U.S. carriers.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aPE7dntCWpCA&refer=us
