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It's a cruel world - departing Continental Airlines CFO gets free airport parking for life
The airlines giveth, and the airlines taketh away. This has never been more true than in recent years. From pretzels and pillows to in-flight movies, we have all been robbed of the few things that made flying bearable. But none of this applies to the airline executives that helped create the current situation. Most retiring executives leave the airline with hefty retirement packages, often including free flights and free medial care for life.
Departing Continental CFO Jeffrey Misner is clearly more creative than any of his colleagues. As part of his retirement package, he has secured a lifetime free executive parking spot at Jacksonville airport "in a lot that is the same or similar to the lot available to airport-management personnel".
He's also taking a cool $3 Million in unrestricted Continental stock with him, which is ironic since that is the same amount of money CO lost in their second quarter.
It's all spelled out in his retirement agreement posted online by the SEC. None of the other juicy details were described, but one can expect a pretty healthy chunk of our ticket money to head his way for years to come.
Misner joined Continental in 1995 and became their CFO in 2004. During his tenure, shares of the airline rose to the upper $40's in 2006, only to plummet back into the single digits in 2008.
So, next time you spend $26 a day for parking at the airport and another $20 for a snack on the flight, think of poor retired Jeffey Misner.
Source: Footnoted.org
Reader Comments (Page 1 of 1)
Jamie Jul 22nd 2008 3:26PM
Continental still provides complimentary meals to Coach passengers--the only U.S. airline to do so--and has blankets, pillows, and movies. Do some research.
Kevin Jul 22nd 2008 11:35PM
I agree with Jamie on this one. Continental management has been admired by corporate America for a while now. To say they "helped create the current situation" is idiotic. If you think airline execs want high oil prices, and to be in this "situation", you really need to research before opening your mouth.
Jamar Jul 23rd 2008 8:14AM
But will they stay that way after their deal with United?
Jamie Jul 23rd 2008 11:37AM
Sure. They're not merging with United; they're just joining Star Alliance. Remember, they've maintained their current standing despite being partnered with Delta and Northwest.
Matt Jul 23rd 2008 11:37AM
You really should do your homework, or better yet, get another job in which inaccurate slander is acceptable. The airlines are all hurting because of skyrocketing oil (just take a look at how airline stock prices have *doubled* in the past week as oil has pulled back). The execs deserve no less than other big corporate execs in other industries. And guess what, you don't have some sort of God-given privileged to fly - it's a service offered by a company that's in it for profit. And they're doing their best to stay competitive. Continental happens to be the best operated airline in my option (and I take over 100 flights per year for work) and their leadership team deserves just compensation for that.
Baron Jul 23rd 2008 4:31PM
Wow, some people sure do get mad when you exercise your freedom of speech. They need to calm down.
That aside, most executives have their severance packages and benefits already decided when they are hired. It is part of their sign on bonus, if you will. Packages like this (C-Level) are also almost always approved by the board, which really doesn't mean anything in a lot of companies, but some companies do have a board that does a very good job. They likely set up everything to pay for him when he goes (sorta kinda hard to do about the parking spot, other than putting aside some money) before he ever left. Sort of an insurance policy. I mean, yes, consumers do pay for it in some form or fashion, but it's not quite as a big hit to us as it is made out to be.
Jamie Samans Jul 25th 2008 11:25AM
Baron, maybe it's lost on you, but there's a distinction between free speech and libel. When you print factually incorrect information, as was the case here, it's not "expression."
Baron Jul 25th 2008 11:34AM
I wish this had a better system of replies, as this is really replying to my own topic, but anyway... Why don't you point out what was written that you can prove to be something more than the writer stating her own opinion. I really don't think you can. I sure didn't see anything that said the fact is ... or the research shows ... or the real truth is ... etc. All I saw was a blogger posting their opinion on the situation and then I saw people acting like 5th graders in bashing her opinion. I'm not above bashing opinions, but I think it should be done with more care and tact than most people use around here.