Quite a shakeup at the top...too bad Jefe is still standing. See page 2. It's appalling how well these guys make out for being fired.

The crux:
On June 19, 2014, United Continental Holdings, Inc. (“UAL”) provided officers (other than the Chief Executive Officer (the “CEO”)) notice of non- renewal of the officers’ employment agreements at the end of the current term, each of which expires on September 30, 2014. Upon expiration of the employment agreements, the officers (other than the CEO) will be participants in severance plans which become effective October 1, 2014.
UAL previously entered into employment agreements with each of the named executive officers, including James E. Compton, UAL’s Vice Chairman and Chief Revenue Officer; Jeffrey T. Foland, UAL’s Executive Vice President – Marketing, Technology and Strategy; and John D. Rainey, UAL’s Executive Vice President and Chief Financial Officer. Messrs. Compton, Foland and Rainey are referred to herein as the “Participating Officers”. Notice of non-renewal was provided at the direction of the Compensation Committee of the Board of Directors of UAL.

http://services.corporate-ir.net/SEC...dzSW5jLnBkZg==

 

And the scapegoat fest begins.......

 

No one is getting fired or quitting. This is simply a house keeping measure to allow them to dodge taxes they would have to pay on their golden parachute, in the event of a "change of control" of the company.

 

Good lord no!!!! Why would anyone want to fire the crack team of aces orchestrating the ballet occurring here at UAL????

 

"The Crack Team...."

I rather like that. Excellent moniker and full credit given to gettinbumped.

 

That makes WHC "The Crack House."

 

From Plane Business Banter:

But first, let's start with a story that hit my computer and phone in a huge way on Friday afternoon. And has continued through the weekend.

I am going to do this because I think it's important to get the story out there that no, the news that three executives at United Airlines had been termimated was not "hidden" in an 8-K that was filed on Friday. Although, I have to admit, the wording of the filing was so ambiguous and confusing that even I thought that perhaps this was the case.

United filed an 8-K Friday in which it announced that the current employment contracts with EVP and Vice Chair Jim Compton, CFO John Rainey, and EVP Jeff Foland would be terminated in September.

Granted, the fact that the termination of these contracts was taking place in September should have been the tipoff. I mean, if you are going to get rid of someone, you usually announce it either on the day of the dismissal, or perhaps a day later. And then, they are simply gone. It's not like you give them months of advance notice.

But the problem with this filing was three-fold. One, it hit the internet-verse on a Friday afternoon. Two, the decibel level of chatter about just who might be leaving or staying at United Airlines has, for the last several weeks, and particularly after the recent article in the Wall Street Journal, been the number one topic discussed whenever one sits down with anyone else in the industry.

Am I wrong? No, I'm not.

Finally, the wording of the filing itself was very confusing. So much so that our resident legal eagle was not sure whether they had been terminated or not. So much so that one senior legal eagle at another airline simply commented, "Those attorneys who wrote that filing should be fired."

Roll all of this together, and Friday afternoon, I began to get notes and phone calls from United employees, other airline industry observers, and a host of other interested parties, including some media outlets, concerning the news that United had fired Jim Compton, John Rainey, and Jeff Foland.

So here's the deal. No, the three were not terminated.

United is changing the current compensation plan/contract agreement the three men have with the company so that their agreements are in synch with those of other execs at the airline. That's it. That's all. That is what I was told Friday by the airline.

But having said that, the problem here is that 1) the wording of the filing was very confusing and 2) given the current state of public speculation about what personnel changes might be in the offing, this had the effect of lighting a damn inferno under people.

But like I said, there is apparently nothing here. We can all go back to looking at pictures of cats on Facebook, and reading tweets about lost golf clubs and non-existent giraffes in Ghana.

*FACE PALM*
At least every strain of this company is consistent in being MASSIVELY screwed up.