UAL management stock grab
UAL MEC on UAL Management Stock Grab
Statement on UAL Management 'Stock Grab'
The stock grab by top executives at United Airlines not only is excessive
and extravagant, it also is an overt display of disrespect of the very
people who saved our airline from financial collapse over the past three
years: the pilots and other employees of United Airlines. The so-called
Management Equity Incentive Plan (MEIP) reeks of immorality.
Your union finds the MEIP disproportionate to the "very real sacrifices made
by the pilots during the course of this (bankruptcy) case," according to an
objection filed in advance to today's Omnibus hearing in front of bankruptcy
Judge Eugene Wedoff in Chicago.
ALPA's court filing states: "Given the severe impact of the reorganization
on the pilots and other employees, ALPA submits that the MEIP, as currently
proposed under the plan, is excessive and has the effect of insulating
United's executives and management from the consequences of a reorganization
that has deeply affected all other stakeholders. To the extent that United
desires to provide appropriate and reasonable incentives to its management
as part of its emergence from bankruptcy, such incentives should reflect the
realities of the case."
Your union finds the stock grab as "excessive and insensitive in light of
the substantial wage and benefit reductions (including the termination of
the pilots' defined benefit plan) sustained by the pilots during United's
reorganization." The pilot group, since Day One of United's bankruptcy case,
has displayed leadership in navigating our Company through its darkest
economic chapter in history. It is incredulous that United management would
profit from United's bankruptcy case at the expense of pilots, other
employees and stakeholders. We find the plan extravagant by any standard and
inherently unseemly, as well as a betrayal of the principle of shared
sacrifice.
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