Leo gets more money...
Mar 26, 2003, 5:27 pm
#46
Join Date: Aug 2001
Location: SEA - DL DM/2MM, *A Gold, SPG Lifetime Plat, some other car and hotel stuff
Posts: 5,649
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Diver90:
"Well yeah, I flunked the bar exam. But my failing score was much higher than some of the others that failed."
"Sir, we're sorry but we removed the wrong kidney. But that's nearly as bad as this other doctor who amputated the wrong leg last week."
Sorry, doing less badly than the competition but not producing a good, if not excellent, result is not the basis for getting any awards.</font>
"Well yeah, I flunked the bar exam. But my failing score was much higher than some of the others that failed."
"Sir, we're sorry but we removed the wrong kidney. But that's nearly as bad as this other doctor who amputated the wrong leg last week."
Sorry, doing less badly than the competition but not producing a good, if not excellent, result is not the basis for getting any awards.</font>
Mar 26, 2003, 6:25 pm
#47
Moderator: Hilton Honors forums
Join Date: Dec 2002
Location: Marietta, Georgia, United States
Posts: 25,051
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by GeorgeBurdell:
Last year, company documents show, the board of directors changed the rules to award bonuses based on so-called "free cash flow" -- the profit the airline generates before interest, taxes, depreciation and aircraft rent."
What ya'll have overlooked here is how the bonuses are calculated. They changed them to move them away from profits. So all they have to do is put butts in seats. Who cares if they make any money doing it.</font>
Last year, company documents show, the board of directors changed the rules to award bonuses based on so-called "free cash flow" -- the profit the airline generates before interest, taxes, depreciation and aircraft rent."
What ya'll have overlooked here is how the bonuses are calculated. They changed them to move them away from profits. So all they have to do is put butts in seats. Who cares if they make any money doing it.</font>
Mar 26, 2003, 6:43 pm
#48
Suspended
Join Date: Mar 2001
Location: ATL-PM and Dan Reeves is my HERO!
Posts: 331
Hey everybody, this is nothing but pure criminals at work and using the system for self-preservation. This whole thing smells on an ENRON.
C.E. Woolman is vomiting in his grave. This is probably the sadest period in DL's history.
C.E. Woolman is vomiting in his grave. This is probably the sadest period in DL's history.
Mar 26, 2003, 7:04 pm
#49
Join Date: Dec 2000
Location: Atlanta - DL DM - 3M+/Hyatt Globalist/Hilton Diamond/Marriott LT Gold
Posts: 347
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by andymo99:
Really? If my stock portfolio manager managed a -2% return for the time period when the equities markets tanked, I'd be pretty pleased with her!</font>
Really? If my stock portfolio manager managed a -2% return for the time period when the equities markets tanked, I'd be pretty pleased with her!</font>
Still we could bat this ball around ad infinitum. Too much reward for not enough performance.
Mar 26, 2003, 8:33 pm
#50
Join Date: Jul 1999
Location: Atlanta, GA
Programs: SkyMiles MM, HHonors Gold, Avis, Hertz
Posts: 521
This latest news about Leo & Co. was enough for me to book my next r/t (~$1,000) on AirTran. No more $$$ to DL.
And I'll make sure my congressman, Johnny Isackson (GA's 6-th District), who just happen to sit on a Transportation committee, hears from me real soon.
And I'll make sure my congressman, Johnny Isackson (GA's 6-th District), who just happen to sit on a Transportation committee, hears from me real soon.
Mar 26, 2003, 9:30 pm
#51
Join Date: Jan 2003
Location: Seattle
Programs: AIR: NONE, Hotel: Marriott PL, Hilton HHonors CC: Amex PLAT
Posts: 947
To the tune of "Gentle On My Mind" and I apologize profusely to John Hartford and Glen Campbell
You Know I got Mine
It's knowing that your pay has just increased and that the bonus is comin due,
That makes me feel that I am safe and not really too worried about you.
And it's knowing that my pension is guaranteed no matter what,
And it doesn't matter what happens to this airline.
That keeps me smilin' and getting richer,
Leo says " you bet that I got mine.
It's not the flight attendants that we furloughed and the redcoats that we sent on home.
Or the frequent flyers we have screwed by dumping all their benefits this year.
It's just knowing that Song will soon be flying and Delta will be only marking time.
And I'll still have all my money,
While you're flying in the back and hear the echoes of
Leo saying "I got mine."
Though Atlanta, Great Salt Lake, Dallas, Cincinatti
And all the other cities that we board these flights.
Our protests go unheard by the executives that are currently in place,
And even employee tears that flow as freely as the gratis first class wine.
Cannot be heard by Leo Mullin who's busy saying,
"You know that I got mine."
I rip my Delta tag from my computer case in frustrated, silent rage,
I want to fly on this great bird but it seems that their time will soon be gone.
My thanks go out to our Flyer Talkers,
And the employees that are still left upon the line,
That keep alive the slimmest hope that someday we can also say,
"We won, and now I still have mine."
You Know I got Mine
It's knowing that your pay has just increased and that the bonus is comin due,
That makes me feel that I am safe and not really too worried about you.
And it's knowing that my pension is guaranteed no matter what,
And it doesn't matter what happens to this airline.
That keeps me smilin' and getting richer,
Leo says " you bet that I got mine.
It's not the flight attendants that we furloughed and the redcoats that we sent on home.
Or the frequent flyers we have screwed by dumping all their benefits this year.
It's just knowing that Song will soon be flying and Delta will be only marking time.
And I'll still have all my money,
While you're flying in the back and hear the echoes of
Leo saying "I got mine."
Though Atlanta, Great Salt Lake, Dallas, Cincinatti
And all the other cities that we board these flights.
Our protests go unheard by the executives that are currently in place,
And even employee tears that flow as freely as the gratis first class wine.
Cannot be heard by Leo Mullin who's busy saying,
"You know that I got mine."
I rip my Delta tag from my computer case in frustrated, silent rage,
I want to fly on this great bird but it seems that their time will soon be gone.
My thanks go out to our Flyer Talkers,
And the employees that are still left upon the line,
That keep alive the slimmest hope that someday we can also say,
"We won, and now I still have mine."
Mar 26, 2003, 9:32 pm
#52
Join Date: Jun 2002
Location: DeltaLand, USA
Posts: 877
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by DL Platinum:
Delta Air Lines Inc. said Tuesday that it paid its chairman and chief executive, Leo F. Mullin, a salary of $795,000 and a bonus of $1.4 million in 2002, compared with a salary of $596,250 and no bonus in 2001, according to a proxy statement filed with the Securities and Exchange Commission"
Maybe it's just me, but is he worth it? How can pay INCREASE when business is down and they are laying off the real workers?![/B]</font>
Delta Air Lines Inc. said Tuesday that it paid its chairman and chief executive, Leo F. Mullin, a salary of $795,000 and a bonus of $1.4 million in 2002, compared with a salary of $596,250 and no bonus in 2001, according to a proxy statement filed with the Securities and Exchange Commission"
Maybe it's just me, but is he worth it? How can pay INCREASE when business is down and they are laying off the real workers?![/B]</font>
"According to the proxy statement, the 61-year-old Bethune, last year received a salary of $1,063,350, up from $794,900 in 2001."
I guess this will be a continuing trend when all the proxy statements are filed.
I'm as upset as the next DL employee in regards to the timing of this news- but if DL didn't retain Leo and crew, then it would create a situation like UA went through where you're w/o a leader and when you eventually find one their "welcome package" is a lot more than what is currently being paid out.
Just my two cents.
------------------
I am not a sanctioned representative of Delta on these boards, just an interested participant. I'm only here trying to shed light on DL issues brought up on this board and to provide my opinion and/or to try to answer Qs. I do work for Delta, but I don't represent DL's final word when answering a question (in any capacity). Please e-mail Customer Care with your questions to get a corporately-supported reply.www.delta.com/email
Mar 26, 2003, 9:36 pm
#53
Join Date: Apr 2001
Location: DL-PM
Posts: 863
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by gilpin:
Not I. A group of people randomly selected from the phone book would do better.
</font>
Not I. A group of people randomly selected from the phone book would do better.
</font>
Mar 26, 2003, 11:33 pm
#54
Join Date: May 2000
Location: Smoke filled room, TPA and FLL/MIA :UAL 1K and 2MM,AA EX PLAT and 2MM,Lifetime Plat Starwood
Posts: 4,318
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by UnofficialDLHelper:
Airline reduces CEO and COO salaries by 10% indefinitely
Beginning March 1 the company's board said the salaries of the CEO and that of the president and chief operating officer, Frederick Reid are reduced by 10 percent "for an indefinite period" and the salaries of all other officers are cut by 8 percent.
At least from here on out the board is making economical choices towards their compensation.
</font>
Airline reduces CEO and COO salaries by 10% indefinitely
Beginning March 1 the company's board said the salaries of the CEO and that of the president and chief operating officer, Frederick Reid are reduced by 10 percent "for an indefinite period" and the salaries of all other officers are cut by 8 percent.
At least from here on out the board is making economical choices towards their compensation.
</font>
Mar 27, 2003, 6:11 am
#55
Join Date: Jan 2002
Location: atlanta, GA
Posts: 2,040
Yes my comments are simplistic but how can you justify a bonus when the company not only lost money but had record losses? Instead of bonuses, heads should be rolling.
Andymo makes a point about industries with small margins. But I stand by my point--what is the point of owning equity if executive bonuses exceed 100% of the profits!
As for those who are litigation minded, this is a very thin case for a shareholder suit, although Del. courts post Enron are becoming receptive. If you want to give DL fits you are too late for this years meeting. What you should do is get the proxy statement and read about how to submit a shareholder proposal. If you want to do it for free, you are limited to 500 words but you can get it on the ballot and in the proxy statement for next year's meeting. There are precise deadlines to follow The procedure is spelled out in the proxy statement, usually near the back. A sample proposal would be to create a bylaw prohibiting bonuses in years when there is no profit. Another would be to remove the members of the executive committee from the board of directors (for cause for approving these ridiculous bonuses).
Andymo makes a point about industries with small margins. But I stand by my point--what is the point of owning equity if executive bonuses exceed 100% of the profits!
As for those who are litigation minded, this is a very thin case for a shareholder suit, although Del. courts post Enron are becoming receptive. If you want to give DL fits you are too late for this years meeting. What you should do is get the proxy statement and read about how to submit a shareholder proposal. If you want to do it for free, you are limited to 500 words but you can get it on the ballot and in the proxy statement for next year's meeting. There are precise deadlines to follow The procedure is spelled out in the proxy statement, usually near the back. A sample proposal would be to create a bylaw prohibiting bonuses in years when there is no profit. Another would be to remove the members of the executive committee from the board of directors (for cause for approving these ridiculous bonuses).
Mar 27, 2003, 6:53 am
#56
FlyerTalk Evangelist
Join Date: Apr 2002
Location: ATL
Programs: No status no more, no where, no how.
Posts: 13,184
With apologies to XTC:
We're only making plans for Leo
We only want what's best for him
We're only making plans for Leo
Leo just needs a helping hand
And if young Leo says he's happy
He must be happy
He must be happy
He must by happy with his pay
We're only making plans for Leo
We only want what's best for him
We're only making plans for Leo
He has a future with Delta Air
We're only making plans for Leo
We only want what's best for him
We're only making plans for Leo
Leo just needs a helping hand
And if young Leo says he's happy
He must be happy
He must be happy
He must by happy with his pay
We're only making plans for Leo
We only want what's best for him
We're only making plans for Leo
He has a future with Delta Air
Mar 27, 2003, 7:57 am
#57
Moderator: Hilton Honors forums
Join Date: Dec 2002
Location: Marietta, Georgia, United States
Posts: 25,051
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by milemaker:
Hey everybody, this is nothing but pure criminals at work and using the system for self-preservation. This whole thing smells on an ENRON.</font>
Hey everybody, this is nothing but pure criminals at work and using the system for self-preservation. This whole thing smells on an ENRON.</font>
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by milemaker:
This is probably the sadest period in DL's history.</font>
This is probably the sadest period in DL's history.</font>
[This message has been edited by Canarsie (edited 03-27-2003).]
Mar 27, 2003, 9:06 am
#58
Join Date: Nov 2002
Location: Orange County (SNA) CA, AA EXP, Hilton Diamond, Hertz Gold
Posts: 1,789
<font face="Verdana, Arial, Helvetica, sans-serif" size="2"> which also shoots VAZEs theory all to he$%.[/B]</font>
Mar 27, 2003, 6:17 pm
#59
Join Date: Apr 2001
Location: LAX
Posts: 282
Looks like this is going to go somewhere
http://biz.yahoo.com/rf/030327/airlines_aid_1.html
Sen McCain is as pissed as we are!
http://biz.yahoo.com/rf/030327/airlines_aid_1.html
Sen McCain is as pissed as we are!
Mar 28, 2003, 1:20 am
#60
Join Date: Dec 2000
Location: Atlanta - DL DM - 3M+/Hyatt Globalist/Hilton Diamond/Marriott LT Gold
Posts: 347
Just a few letters from the Atlanta Paper...
DELTA BONUSES
Excerpts from readers' letters on Delta executives' bonuses:
I am so revolted that I do not have the words to describe it.
CAROL F. GOODSON,
Carrollton
* * *
There is absolutely no justification in giving Delta executives bonuses when the company has lost $1.3 billion and cut 16,000 jobs.
HOWARD S. BROWN
Atlanta
* * *
Is there any level of financial loss that senior Delta executives feel would not warrant a financial reward?
JAMES P. HODGES JR.
Atlanta
* * *
I, for one, will look for a new airline to fly.
JIMMY HARRISON
Mableton
* * *
It would be less painful if Leo Mullin and the Delta board would hold a gun to the stockholders' heads when they steal money from us.
WILLIAM KEY
Duluth
* * *
All of this seems unbelievable when so many Delta employees such as myself are now without a job.
MARYANN CARNEY
Casselberry, Fla.
* * *
At Delta, it seems that everyone has been asked to share the pain of the economy -- except for those at the top.
MARCUS DEVEREAUX
Alpharetta
* * *
If I were a Delta employee, I would organize a strike.
CLAUDIA
GAMLIEN-CASTRO
Cumming
* * *
I have but one word of warning to these gentlemen who are progressing down this slippery slope: Eastern.
STEVE CARLSON
Duluth
* * *
These guys are weasels.
TIMOTHY A. HEAD
Atlanta
DELTA BONUSES
Excerpts from readers' letters on Delta executives' bonuses:
I am so revolted that I do not have the words to describe it.
CAROL F. GOODSON,
Carrollton
* * *
There is absolutely no justification in giving Delta executives bonuses when the company has lost $1.3 billion and cut 16,000 jobs.
HOWARD S. BROWN
Atlanta
* * *
Is there any level of financial loss that senior Delta executives feel would not warrant a financial reward?
JAMES P. HODGES JR.
Atlanta
* * *
I, for one, will look for a new airline to fly.
JIMMY HARRISON
Mableton
* * *
It would be less painful if Leo Mullin and the Delta board would hold a gun to the stockholders' heads when they steal money from us.
WILLIAM KEY
Duluth
* * *
All of this seems unbelievable when so many Delta employees such as myself are now without a job.
MARYANN CARNEY
Casselberry, Fla.
* * *
At Delta, it seems that everyone has been asked to share the pain of the economy -- except for those at the top.
MARCUS DEVEREAUX
Alpharetta
* * *
If I were a Delta employee, I would organize a strike.
CLAUDIA
GAMLIEN-CASTRO
Cumming
* * *
I have but one word of warning to these gentlemen who are progressing down this slippery slope: Eastern.
STEVE CARLSON
Duluth
* * *
These guys are weasels.
TIMOTHY A. HEAD
Atlanta