Fortunately that procedure is only recommended every ten years after 50.

 

I wonder what the daily life/routine is of a "board member"??

They don't come to work every day do they?

What is the scope of their engagement and involvement in the airline?

I am not as optimistic as some here about the new guy. I tend to agree with you. What does he know? What does he bring to the table?

What does he know about our operation (or lack of one)?

The airline has no cohesion and our previous board has just out-sourced everything to the lowest common denominator while cutting every cost imaginable while also unbundeling the entire product while trying to convince us all it's all about the APU and single engine taxi.

We waste a dollar trying to save ten cents.

What we need is operational reliability, dispatch reliability, MX reliability, available crews, and happy employees. All of that translates into a cohesive team and a reliable product. Our customers would dig that, and maybe pay extra for it.

Smizek was not well liked, even by former CAL employees. I think he was universally disliked. He never "rose to the top." His journey was Vincent Elkins law firm via Delta merger scare 1. He worked in legal, got to be the number three man at the airline and then "worked the board" members to gin up support for merger. Bethune left and that put him at the number 2 spot. Kellner didn't support the meger and Smizek did, so that put him at the number one spot after his Coup De Ta forced out Kellner. Prior to the merger the rank and file employee never even heard of Smizek. And, now thankfully, we can erase him from our memory.

 

NO, he was a corporate attorney at V/E in Houston. worked in corporate transactions (mergers). I don't think he could spell "IT."

 

How bad of a thumpin on UAL is the Feds going to deliver is the question. His golden parachute might be nothing compared to loss revenue if the Feds take away EWR slots and/or more. Might be heading back to JFK too.

 

I don't think United will pay for his actions. I think in this era of personal responsibility and accountability that if one engaged in any sort of illegal or unethical practices that that individual is personally culpable and responsible. If any legal actions are filed, expect there to be named plaintiffs.

Further, if he engaged in any sort of unprofessional/unethical, or unsanctioned conduct, expect the company will not back him and further expect there to be some sort of "detrimental conduct" clause to be in his contract.

I would like to read his contract so that I would better understand the mandatory triggers of his golden parachute, as well as the limitations of it (if any).

5 million dollar golden parachute is a big deal. There's gotta be some provisions in it to limit or prevent its deployment.

 

What's his background?

I would love to see his bio.....anybody got the skinny?

 

https://www.linkedin.com/pub/oscar-munoz/26/6a0/284

 

In a filing with the Securities and Exchange Commission, United Airlines outlined the terms of Smisek's departure from the company.

Here's what Smisek will get:

• A lump sum cash separation payment of $4.875 million.
• 60,746 shares of United Airlines (UAL) common stock.
• An annual performance bonus prorated to the date of separation.
• Long-term performance bonus.
• The title to his current company car.
• Flight benefits for life.
• Free parking for life at predesignated parking locations.
• Company health benefits until he is eligible for medicare.
• United will help Smisek find a new job through outplacement services.

Here's what United will no longer pay for:
• Gym membership.
• Accounting services.
• Legal services.
• Disability insurance.

According to the clawback clause, Smisek must repay or return the $4.875 million separation payment, his prorated annual bonus, 60,746 shares of United stock, and outplacement services if he:

1. Is convicted of or pleads guilty or no contest to any felony or ...
2. Is convicted of or pleads guilty or no contest to any crime of "moral turpitude," or ...
3. Failed to cooperate with the company on legal proceeding or investigations stemming from events while Smisek was employed by United.

If the clawback clause is triggered, Smisek will have no more than 10 days after the receipt of a written request to repay or return the above benefits.

In addition, Smisek also signed a two-year noncompete, as well as a confidentiality agreement.

 

No legal? That's gonna leave a mark ... or it's evidence that the plea deal has already been negotiated and will not trigger the clawback. I wonder if he got "queen for a day" immunity and provided sworn testimony?

 

Bring back ESOP and let the inmates run the asylum again.....