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Bob Fornaro to retire...in a year
Bob retires Jan 1, 2019
Ted Christie to be promoted to president and BOD member effective Jan 1, 2018 and then become CEO Jan 1, 2019 John Bendoraitis gets promoted immediately to... his same job??? I’m sure it comes with a raise. So the CFO that gave the two day snake oil sales pitch to the NMB on how the company can’t afford to pay us will be the new leader in a year and already has a seat on the board. Popcorn ready. Discuss. |
Originally Posted by Qotsaautopilot
(Post 2482577)
Bob retires Jan 1, 2019
Ted Christie to be promoted to president and BOD member effective Jan 1, 2018 and then become CEO Jan 1, 2019 John Bendoraitis gets promoted immediately to... his same job??? I’m sure it comes with a raise. So the CFO that gave the two day snake oil sales pitch to the NMB on how the company can’t afford to pay us will be the new leader in a year and already has a seat on the board. Popcorn ready. Discuss. The decision to hire (promote) the CEO from within is also a bad idea. The distrust at the highest level will still remain post-contract (whenever that is). Richard Branson said it best: “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” |
Two-scoops Bumbling Bob is out....
Bendover will be EVP in addition to COO... Need a nickname for Teddy. |
How about temporary Teddy? This combined with Jyri leaving, is just the setup for the eventual Frontier marriage, Barry Biffle would be CEO of new company I would suspect. And of course he’s ex Spirit. My assumption is that’s why all this was in-house promotions instead of external hires. Similar to promoting bench coach to interim head coach until the search for a new manager can resume. I could be way off, but that’s what I suspect. Could be interesting year or two.
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Why do all the articles still say "the pilot strike" in may? I'm still really ****ed that ALPA didn't get out ahead of that one. Spineless a-holes. Im sure not one of these so called journalists has been contacted and been asked to correct that wording.
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Here are the numbers for the raises
Originally Posted by BillyBaroo
(Post 2482606)
Thinking the same thing about Bendo. What the he** is the difference pre and post promotion that entails anything different from his day to day activities (that would warrant any pay raise-which I'm also assuming he will get)?
The decision to hire (promote) the CEO from within is also a bad idea. The distrust at the highest level will still remain post-contract (whenever that is). Richard Branson said it best: “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” Laurie Villa goes from VP to Senior VP Whats the difference...money. Plain and simple. Laurie will now qualify for a performance bonus, now that she is a SVP. This bonus is based on A14, CASM, RASM, and DOT complaints. In 2016 the SVP position would get you a $381,000 cash bonus She also will now receive stock options. Stock options for 2016 was around $555K in stock options for a SVP position. So Laurie essentially received a million dollar raise in stocks and cash (stock options/profit sharing) for becoming a Senior VP. Bendo had the above, prior. Now as a Executive VP his cash bonus will increase and his stock options will increase. Bendo received $555k in stock options in 2016 as a SVP. As a EVP he will receive close to what Christie did as a EVP, which is not released yet for 2017 since Christie was still an SVP in 2016. But the percentage of target bonus will increase and Bendo will make more money to buy polo shirts and jeans. Ted Christie. Who some may remember as the CFO who put Pinnacle airlines in bankruptcy will see a raise to Fornaro levels. Bob made $7.2mil in compensation in 2016, over $5mil coming from stock options. So very easily Ted will see a $6m a year raise from this promotion. So these 3 muppets will get raises of a million on the shallow end for Laurie and $6+mil on the deep end for ol Ted. Meanwhile Bendo does the same job and will see at least another mil or 2 a year in his bank account, to of course, buy more polos and jeans for work. |
Originally Posted by JimmyBeam
(Post 2482678)
Why do all the articles still say "the pilot strike" in may? I'm still really ****ed that ALPA didn't get out ahead of that one. Spineless a-holes. Im sure not one of these so called journalists has been contacted and been asked to correct that wording.
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Maybe if our interests were better represented, we would have more to pay in.
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Originally Posted by BusterBust
(Post 2482713)
So Bendo goes form Senior VP from Executive VP
Laurie Villa goes from VP to Senior VP Whats the difference...money. Plain and simple. Laurie will now qualify for a performance bonus, now that she is a SVP. This bonus is based on A14, CASM, RASM, and DOT complaints. In 2016 the SVP position would get you a $381,000 cash bonus She also will now receive stock options. Stock options for 2016 was around $555K in stock options for a SVP position. So Laurie essentially received a million dollar raise in stocks and cash (stock options/profit sharing) for becoming a Senior VP. Bendo had the above, prior. Now as a Executive VP his cash bonus will increase and his stock options will increase. Bendo received $555k in stock options in 2016 as a SVP. As a EVP he will receive close to what Christie did as a EVP, which is not released yet for 2017 since Christie was still an SVP in 2016. But the percentage of target bonus will increase and Bendo will make more money to buy polo shirts and jeans. Ted Christie. Who some may remember as the CFO who put Pinnacle airlines in bankruptcy will see a raise to Fornaro levels. Bob made $7.2mil in compensation in 2016, over $5mil coming from stock options. So very easily Ted will see a $6m a year raise from this promotion. So these 3 muppets will get raises of a million on the shallow end for Laurie and $6+mil on the deep end for ol Ted. Meanwhile Bendo does the same job and will see at least another mil or 2 a year in his bank account, to of course, buy more polos and jeans for work. CEO Gaffe of the Week: Pinnacle Airlines Some days, CEOs would be better off staying in bed. Sean Williams (TMFUltraLong) Apr 7, 2012 at 12:00AM This year, I introduced a weekly series called "CEO Gaffe of the Week." Having come across more than a handful of questionable executive decisions last year when compiling my list of the worst CEOs of 2011, I thought it could be a learning experience for all of us if I pointed out apparent gaffes as they occur. Trusting your investments begins with trusting the leadership at the top -- and with leaders like these on your side, sometimes you don't need enemies! This week I havea gaffe that I'm certain will be a contender for goof-up of the year in CEO Sean Menke of Pinnacle Airlines (Nasdaq: PNCL). The dunce cap For months now I've been pointing out what I deem to be absurd CEO pay packages. Two weeks ago I highlighted Citigroup's (NYSE: C) Vikram Pandit for the dubious weekly honor after he boosted his annual pay by a cool 14,900,000% (to be fair, that's from a dollar), despite paying out billions in mortgage and foreclosure settlements and failing the Federal Reserve's stress test. Earlier this week I pointed out that while I am a Bank of America (NYSE: BAC) shareholder, I don't have to agree with the sixfold pay increase that Brian Moynihan received in a year that his bank barely turned a profit. Yet Menke's pay increase puts these two to shame. Even though a $675,000 annual salary may not sound like much, let me explain to you why this 60% increase in pay from $425,000 might be the dumbest thing I have ever seen. Just five days before Menke got his raise, his company filed extension paperwork with the SEC notifying the commission that Pinnacle would be filing its quarterly report late. It's always odd when an 8-K indicating a pay increase for the CEO can be filed in a timely manner, but corporate results can't. But it couldn't possibly get any worse than this ... could it? Oh, yes, it can! On April Fool's Day, no less, just 11 days following Menke's 8-K, Pinnacle filed for chapter 11 bankruptcy protection! That is not an April Fool's Day joke; the company seriously boosted its CEO pay by 60% after delaying its annual filing and declared bankruptcy only 11 days later. To the corner Mr. Menke ... But wait -- there's unfortunately more! Pinnacle didn't break out the corporate pinata just for Menke, either. Pinnacle's vice president also got a 45% boost in his annual salary, as noted in that same 8-K on March 20. What's truly unnerving about these pay increases is that the warning signs of a portending bankruptcy had been there all along. Pinnacle had been in the process of renegotiating its capacity purchase agreements with Delta Air Lines (NYSE: DAL) and United Continental Holdings and had shed 11 of its 29 officer positions while eliminating 26 director-level positions. Even after taking these cost-saving measures and renegotiating some of its long-term debt, Pinnacle's $800 million in debt proved to be too much for the airline to handle. Pinnacle's major shareholders weren't willing to sit back and relax while their stock continued to dive. In early March, two of its largest shareholders (which owned a combined 6.2% of outstanding shares) sent a letter to Pinnacle's board of directors requesting that at least two stockholders be placed on the board. Their contention was that Pinnacle's upper management was severely out of touch with shareholders, since directors had purchased almost no shares of the company on the open market since 2007 and that $173 million had been invested in nonperforming assets over that time span. Would it honestly surprise anyone that Pinnacle's board denied their request? For the icing on the cake, the company's CFO Ted Christie abandoned ship on March 5 to become Spirit Airlines' (Nasdaq: SAVE) new CFO. Ladies and gentlemen, we have a clear contender for Gaffe of the Year here. |
So they give themselves all millions in raises immediately when bob doesn’t retire for another year and Ted gets a seat on the board. The same board that gets to set these bonuses. All at the same time they don’t want to pay industry standard, the good will of full retro, or even profit sharing bonuses to the pilots moving the entire airline!!! I couldn’t care less how much they want or do get paid but don’t at the same time tell me you can’t pay me industry standard while you enrich yourselves.
The mediator won’t even think twice about all of this because she comes from airline management and loathes labor. How do these people thing these companies operate? On pixie dust and high fives?! READY TO STRIKE!!! |
Originally Posted by Qotsaautopilot
(Post 2482819)
READY TO STRIKE!!!
LOL keep dreaming |
Originally Posted by Qotsaautopilot
(Post 2482819)
So they give themselves all millions in raises immediately when bob doesn’t retire for another year and Ted gets a seat on the board. The same board that gets to set these bonuses. All at the same time they don’t want to pay industry standard, the good will of full retro, or even profit sharing bonuses to the pilots moving the entire airline!!! I couldn’t care less how much they want or do get paid but don’t at the same time tell me you can’t pay me industry standard while you enrich yourselves.
The mediator won’t even think twice about all of this because she comes from airline management and loathes labor. How do these people thing these companies operate? On pixie dust and high fives?! READY TO STRIKE!!! |
Hahahahahahahahahahah
What are we laughing at?......... |
Originally Posted by Feng
(Post 2482925)
lol.........
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Originally Posted by Planepirate
(Post 2482963)
Feng I thought you were taking off for the holidays? Although I enjoyed our banter, it was nice to have you gone.
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Originally Posted by Tranquility
(Post 2482607)
Two-scoops Bumbling Bob is out....
Bendover will be EVP in addition to COO... Need a nickname for Teddy. |
Ted Christie to receive 20% higher oay than Fornaro!
AWESOME HIGH FIVE |
Originally Posted by UNSUBSCRIBE
(Post 2485485)
Ted Christie to receive 20% higher oay than Fornaro!
AWESOME HIGH FIVE Yep. The hits just keep on coming! https://www.bizjournals.com/southflo...in-salary.html |
Originally Posted by UNSUBSCRIBE
(Post 2485485)
Ted Christie to receive 20% higher oay than Fornaro!
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Originally Posted by Ed Force One
(Post 2485654)
Well, it's only fair. After all, they are offering us a 20% raise.
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Originally Posted by Ed Force One
(Post 2485654)
Well, it's only fair. After all, they are offering us a 20% raise.
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Originally Posted by Ed Force One
(Post 2486019)
That was sarcasm, geesh.
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