I talked with another employee that was there today. A group of employees came in during the middle of the night and taped hundreds upon hundreds of xerox copies all over the walls of this article:
Pinnacle Airlines CEO pay raise - Memphis Business Journal
Embattled Pinnacle Airlines gives CEO Menke 60% pay raise
Memphis Business Journal
Date: Wednesday, March 21, 2012, 7:43am CDT - Last Modified: Wednesday, March 21, 2012, 9:52am CDT
Pinnacle Airlines Corp has been struggling through financial stress, but two of the company's top executives are being rewarded with higher salaries.
Pinnacle (Nasdaq: PNCL) CEO Sean Menke is getting a nearly 60 percent pay increase, from $425,000 to $675,000, according to documents filed with the Securities and Exchange Commission Securities and Exchange Commission Latest from The Business Journals Imation CEO Lucas and CFO Zeller took pay cuts in 2011Buckley paid million in last full year as 3M CEO Sprout Pharmaceuticals raises M Follow this company.
Executive vice president John Spanjers will see his pay lifted from $275,000 to $400,000, a 45 percent increase.
The executives have shouldered heavier-than-anticipated loads thanks to the company's financial restructuring. The airline has made moves to stave off bankruptcy, including refinancing debt, renegotiating contracts with partner airlines and making moves to combine its flying subsidiaries. Its stock value has plummeted, losing 370 percent of its value in the last year.
Also contributing to Menke and Spanjers' expanded duties is the abrupt departure of CFO Ted Christie, who announced March 5 he was leaving the company after less than a year to become CFO of Spirit Airlines The SEC filing did point out that any annual bonuses would be calculated on the lower base salary scale.
When management rolled in this morning, they quickly appointed HR representatives to each floor to clean the place up.
Looks like the message was heard LOUD and CLEAR to Sean Menke.