Northwest (Airlines) Gives Outgoing Chairman a $2 Million Going-away Present

[Omaha Steve]

Source: Associated Press WorldStream via NewsEdge Corporation

Associated Press WorldStream
via NewsEdge Corporation

MINNEAPOLIS_Northwest Airlines said it would give outgoing chairman Gary Wilson a $2 million (?1.48 million) going-away present, drawing immediate court objections from unions who endured sharp pay cuts while the airline reorganized under bankruptcy protection.

Wilson, who led a leveraged buyout of Northwest in 1989, plans to step down when it emerges from bankruptcy next month.

After creditors had approved Northwest's reorganization plan, Northwest disclosed in a bankruptcy court filing late Monday that it would give Wilson $2 million ?1.48 million) in "consideration of the substantial contributions provided by Mr. Wilson to the Debtors during the chapter 11 cases."

Northwest said in the filing late Monday that it would also give Wilson lifetime medical and dental insurance coverage, travel, and reimbursement for up to $75,000 (?55,399.62) per year to run an office.

Read more: http://www.amtonline.com/article/article.jsp?siteSection=1&id=4054

[Scooter24]

1. $2 million is a lot better than

what other outgoing execs are getting these days. Some are making $10-$20 million or more.

[iamjoy]

2. And Invaluable Advice

you know, don't be shy about pulling something out of the trash if you like it.

Did they give him the same money saving tips they gave employees following a pay cut?

[SheilaT]

3. And meanwhile in today's

Wall Street Journal there's a front page article about how airlines are struggling to keep workers because pay has been cut so much and the travel benefits don't mean anything anymore. That's why service is so lousy when you fly.