Thursday, May 1, 2008

The Operation Was A Success, But The Airline Died

Northwest CEO to get $22.1 Million after merger
Northwest Airlines CEO Doug Steenland would get an exit payout worth an estimated $21.1 million should he leave following a merger with Delta Air Lines, according to a regulatory filing Tuesday. Delta and Northwest announced a merger deal on April 14 that, if approved by the Justice Department, would see Delta CEO Richard Anderson lead the combined company. Steenland would leave management and become a board member. His exit package includes $3.3 million in severance, $4.5 million in accrued pension, and $8 million in restricted stock that would vest upon his departure. Steenland's 2007 compensation totaled $8.4 million after adjusting for a decline in the value of restricted stock granted early in the year.

In the bizarro world of today's financial market, nothing succeeds like failure. You're doing a heckuva job, Doughie!