The plan going forward
07-01-2024 | 09:24 PM
#181
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Joined: Dec 2022
Posts: 1,372
Likes: 141
Yep exactly, people obviously can’t read. The union email was clarification that if attrition is higher than planned, furloughs will be cancelled in seniority order. Those who choose to return in the event their furlough is cancelled get to bid for a base until the next vacancy is awarded. First cancellation notification will be this Friday for those willing to participate. Furloughs are still happening…
Seriously it’s as if no one knows how to read the the furlough MOU
07-02-2024 | 04:29 AM
#182
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Joined: Nov 2015
Posts: 1,877
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furloughs are from the bottom up. The senior guys who bid to voluntarily furlough that could’ve saved a new guy his job are now getting the opportunity to cancel that and stay with the company and go to one of 4 bases listed. Looks like there will also be another vacancy bid in September with the opportunity to move around once things get situated. More attrition means less furloughs needed, but it is MY opinion that all this came about recently due to the legacies cancelling class for the rest of the year and maybe some reps are scrambling to take back their vol fur.
07-02-2024 | 05:53 AM
#183
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Joined: Sep 2014
Posts: 691
Likes: 37
Teddy and friends gave themselves a nice hefty raise again. Thank you Spirit Family!
07-02-2024 | 06:50 AM
#185
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Gets Weekends Off
Joined: Oct 2017
Posts: 3,469
Likes: 44
Could somebody please explain, I don’t understand just because the legacy stop hiring why that means Spirit is canceling some furloughs.
makes no sense what one has to do with the other
makes no sense what one has to do with the other
07-02-2024 | 07:32 AM
#186
Gets Weekends Off
Joined: Jan 2023
Posts: 199
Likes: 0
it doesn’t. Just stated my theory for the timing of the cancellation announcement was because the reps that were planning to leave want to cancel now. Inb4 I didn’t read the MOU.
07-02-2024 | 07:51 AM
#187
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Joined: Sep 2021
Posts: 439
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I understand and appreciate the effort, but I personally wouldn't take voluntary furlough unless I was committed to retiring.
07-02-2024 | 08:52 AM
#190
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Joined: Jan 2023
Posts: 440
Likes: 80
Quote taken from yesterdays 8K filing:
”…the Compensation Committee of the Company’s Board of Directors also approved adjustments to other named executive officers, effective July 1, 2024, as follows: (i) for Mr. Ted Christie, President and CEO, annual base salary will be increased to $950,000; (ii) for Mr. John Bendoraitis, Executive Vice President and Chief Operating Officer, annual base salary will increase to $650,000, annual target short-term incentive (“STI”) will increase to 100% of base salary, and annual target LTI grant value will increase to $1,500,000; (iii) for Mr. Matthew Klein, Executive Vice President and Chief Commercial Officer, annual base salary will increase to $525,000, annual target STI will increase to 100% of base salary, and annual target LTI grant value will increase to $1,250,000; and for Mr. Rocky Wiggins, Senior Vice President and Chief Information Officer, annual base salary will increase to $500,000, annual target STI will increase to 80% of base salary, and annual target LTI grant value will increase to $750,000.”
”…the Compensation Committee of the Company’s Board of Directors also approved adjustments to other named executive officers, effective July 1, 2024, as follows: (i) for Mr. Ted Christie, President and CEO, annual base salary will be increased to $950,000; (ii) for Mr. John Bendoraitis, Executive Vice President and Chief Operating Officer, annual base salary will increase to $650,000, annual target short-term incentive (“STI”) will increase to 100% of base salary, and annual target LTI grant value will increase to $1,500,000; (iii) for Mr. Matthew Klein, Executive Vice President and Chief Commercial Officer, annual base salary will increase to $525,000, annual target STI will increase to 100% of base salary, and annual target LTI grant value will increase to $1,250,000; and for Mr. Rocky Wiggins, Senior Vice President and Chief Information Officer, annual base salary will increase to $500,000, annual target STI will increase to 80% of base salary, and annual target LTI grant value will increase to $750,000.”
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