How NWA’s CEO gets richer
Pilots have had their pay slashed. Virtually every other member of the workers groups have had their pensions stripped, medical coverage sliced and salaries diced. Stockholders were sore-out-of-luck. Bond holders got pennies on their dollars. Passengers have seen service crumble. One might think that the airline CEOs should bear some responsibility. Evidently not.
The Northwest CEO had a contract that guaranteed him a sweet payday at the end of bankruptcy. How about a package that guaranteed him around $8 million dollars. It is enough to make a working man sick.
Justification seems to be that CEOs such as NWA’s Steenland “gave up” a lot to stay at Northwest. Never mentioning that he and his cohorts were responsible for mismanaging the airline into bankruptcy.
Here is an AP story that is sure to thrill any of us who work for our money. I’m sure it will make the rank and file at Northwest happy as well.
No wonder NWA CEO Doug Steenland has been so agreeable to step aside if the Delta-Northwest merger goes through. With this kind of arrangement, I can’t see the stockholders coming out ahead. Looks like Steenland may end up being the only winner.
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