Douggie Cashes Out

[PITbull]

OK, you derive more pleasure out of being a professional victim rather than wanting to work towards making a better airline, and rather than do anything positive, you would rather whine, because you are better at doing that.

My spin.

Hey you, its ok to keep guzzling the kool-aide, but try to show consideration and leave some for others!!!

 

[EricLv2Fish]

OK, you derive more pleasure out of being a professional victim rather than wanting to work towards making a better airline, and rather than do anything positive, you would rather whine, because you are better at doing that.

My spin.

In Pit's defense, anyone who is union would want Pit on their side negotiating for them. I don't see it as "whining", but rather a stance on the opposite side of the fence.

 

[HPearlyretiree]

In Pit's defense, anyone who is union would want Pit on their side negotiating for them. I don't see it as "whining", but rather a stance on the opposite side of the fence.

No, its misplaced envy, he just can't stand to see someone else succeed and he wants a piece ($) of someone else's success, and will whine all day like a victim about it.

Its Doug's money, he earned it, its part of his compensation, and its his business. Any talk otherwise about it is just whining and moaning and its just a waste of anger.

 

[AP Tech]

, its part of his compensation,

I once had a pension I had earned at U, under the impression it was part of my compensation...then came the BK's and it was gone :down: Us "Easties" still have a bad taste in our mouths!!!!

 

[fr8tmastr]

No, its misplaced envy, he just can't stand to see someone else succeed and he wants a piece ($) of someone else's success, and will whine all day like a victim about it.

Its Doug's money, he earned it, its part of his compensation, and its his business. Any talk otherwise about it is just whining and moaning and its just a waste of anger.

I disagree, Yea sure we would all like to be multi millionairs, that being said the problem is that douggie and all management like him, are profiteering at the expense of the rank and file. If Airways continues to make money, and if they were NOT telling employees "no pay for you" then I dont think you would hear too much complaining about the ridiculous compensation packages. But the fact is the employees at Airways have taken billions in concessions, many are barely living paycheck to paycheck, tens of thousands are gone alltogether, and those left are being told that there is no way they can expect any better. (cost neutral) All the while management rakes in Millions, in addition to the quite ample base salaries. This is reality here, this is why there is discontent in the ranks. Why is it when there is a problem only labor pays, and when times are better only management benefits?

 

[HPearlyretiree]

I once had a pension I had earned at U, under the impression it was part of my compensation...then came the BK's and it was gone :down: Us "Easties" still have a bad taste in our mouths!!!!

Sorry to hear it. That was a different company and its behind you. I endured several pay cuts and furloughs and had no pension package ever. I willingly worked at HP at half the going wage for my experience. I retired, found work elsewhere and made the money I deserved.

I'm sorry all the Easties had a tough time in the past, but constantly being a victim about it is not gonna help your future.

 

[PITbull]

I'm sorry all the Easties had a tough time in the past, but constantly being a victim about it is not gonna help your future.

You're right, its time for Labor to start to demand rather than continue to be victims.

 

[AP Tech]

Its all about trust, and quite to be honest, with some of the people DP has surrounded himself with, I don't have any.

Think about how you felt years ago when AWA declared BK, all that stock you were forced to purchase as a condition of employment was instantly worth pennies on the dollar! I would imagine it was not a good feeling.....possibly you understand my feelings.

As for labor being the victim, well that seems to be the American way anymore

 

[kid5mule]

Its all about trust, and quite to be honest, with some of the people DP has surrounded himself with, I don't have any.

Think about how you felt years ago when AWA declared BK, all that stock you were forced to purchase as a condition of employment was instantly worth pennies on the dollar! I would imagine it was not a good feeling.....possibly you understand my feelings.

As for labor being the victim, well that seems to be the American way anymore

I owned America West stock and when it was converted to LCC stock it was converted at a ratio of less than 1:1. Can anyone research how Parker and his officer's options were handled when they were converted to LCC options?

Also are there any thoughts as to how and when these options for our fine leadership were issued. Will LCC be investigated for backdating otions?

 

[fanlube]

I don't care if they pay Doug Parker Billions, but don't take it from labor to get it! This is no slam on you guys on the west side but we on the east have seen this to many times already. A CEO has responsibility running a company thats true, but it is the WORKERS who make it run, we all understand if you want CEO pay go to CEO school, but don't cut my pay and benefits to increase yours don't talk to me about being cost neutral, when that only applies to the grunts! U has been successful these last 2 quarters no doubt, but don't try to pump me up about stock options that come no where close to matching what I lost in pay, benefits, and a pension! Corporate greed is ruining America and we as workers keep letting it happen! I understand this wasn't Doug Parkers doing but going to BK and gutting contracts and screwing creditors and laying off thousands thats easy! Being honest with labor and actually sharing the pain that takes guts and so far I have seen very few CEO's who had any! Will see how good a CEO Parker is when he has to start dealing with the labor groups and dealing with intergration of work groups and transition agreements, so far I think he is doing a good job, however he should of gotten rid of any of U East's former VP's because they are nothing more than a cancer and shouldn't be rewarded for the miserable job they did on the east side!

 

[Awa Contract]

He can't get rid of them - they are to busy skipping down the yellow brick road hand in hand

 

[PITbull]

Well, well, just found this from Council66West AFA MEC:

Letter to the non-contract employees exerpt:

Total Shares Sold: 272,250 Total Value: $12,042,668.45

Total Pre Tax Profit: $8,997,840.95

Additionally, Parker announced to management employees that West Grade 23 and above employees; East Management Salary Plan (MSP), employees; and, employees covered by the crew schedulers' pay scales will be eligible for merit raises this fall.

In a letter to these employees Parker says; "The past year has been more challenging -and more successful- than many of us anticipated going into the US Airways/America West merger. Today, we're on track for a profitable 2006, even with transition-related expenses and with continued high fuel costs and that is good news.

With that, I'm pleased to report that we will implement annual 3% merit pay increases for non-contract employees this fall. Contract employees, as you know, have their annual pay increases implemented as part of their contracts.

The increases will average 3% for West employees in positions at grade 23 through the managing director level, and East employees in the Management/Salaried Plan (MSP) through the managing director level.

I'm delighted that we're in a position to offer increases. We have a lot of challenges ahead, but I'm optimistic that we're up to meeting and exceeding our customers' expectations." Parker states.

__________________

I find all this very interesting, indeed. Ok Kool-aide drinkers, are you guys non-contract employees?

I now see the connection :angry:

The guy is clueless. The contract employees on the West have no increases as their contracts are/have been amendable for years, and the East have NO increases in their contracts until 2012.

 

[goya]

Can anyone confirm the authenticity of this letter that came across my computer today?

If it is accurate, Doug is over $12M heavier today! That certainly shows how confident he is of our future, eh USA320?

===========================================================
A Letter from Doug Parker to All Employees
Dear Fellow Employee:

I wanted you to know that I have decided to exercise and sell some of my US Airways stock options. I have told you that I will always be open and honest with you about how I'm compensated, and while this isn't new compensation, it is the first time I've exercised options in my eleven years with America West/US Airways, and I thought I should explain it to you.

The fact is that I've authorized the exercise of options to acquire 272,250 shares of US Airways stock and the sale of those shares. All of these options were granted to me during my time at America West. A small portion (24,750) of these options were granted almost ten years ago and are about to expire, which means that if they aren't exercised, they simply go away.

That, along with feeling I should diversify my stock holdings, is the primary reason that I have chosen to exercise some options now. You should also know that after these options are exercised, I do not plan on exercising any other options this year.

Please do not take my option exercise as an indication that I believe US Airways is "topping out". To the contrary, I think we are just getting started. The people of US Airways have a lot more to show our competitors and our customers, and as we do, I believe the value of our company will continue to increase. These 272,250 options represent less than 20% of the equity I have been granted and less than 40% of my fully vested, in-the-money equity grants. Furthermore, you should not interpret anything significant from my decision to exercise options at the prices prevailing this week. My transactions are being handled through something called a Rule 10b(5)-1 plan, which means that I decided weeks ago to exercise these options beginning on August 1, and I created a plan that said I would. I can't change that plan just because the stock price fell a few dollars last week, so the shares are being sold at the current market prices.

Lastly, please understand that while these stock option exercises/sales will result in some meaningful cash payments to me, no cash comes from US Airways. These options were all granted to me over the past ten years and gave me the right to purchase the then AWA stock at the exact price that it was selling for that day. They only have value because the stock is worth more today than when the options were granted, and the cash comes from the buyers of the stock at today's higher market prices. While many of our competitors (including the old US Airways) filed bankruptcy over the past ten years, wiping out the value of all equity and creating significant turmoil for their employees, AWA was able to avoid such a fate, which was in all of our constituents' best interest. I am hopeful that equity grants in the new US Airways will have a similar increase in value over the coming years, because that would mean we have all done our job to build an airline that can survive and thrive even in difficult times.

So there you have it -- this is a big deal to me since it marks the first time in eleven years that I have exercised options and sold stock that is part of my total compensation. I wanted you to hear from me firsthand why I am doing this and how these transactions work.

Thank you,

Doug

 

[EricLv2Fish]

I find all this very interesting, indeed. Ok Kool-aide drinkers, are you guys non-contract employees?

I now see the connection :angry:

The guy is clueless. The contract employees on the West have no increases as their contracts are/have been amendable for years, and the East have NO increases in their contracts until 2012.

See the connection...we'll yes, non-contract employees don't have a CBA to follow, therfore the Company is not under contract or obligated to give us pay raises but guess what...they give them anyway, and have even after 911. Modest they are, but they have been given. It's no wonder why many of us non-contract employees on the west are not in favor of being sucked into what many of us percieve as a losing situation...becoming unionized. Just go ask the West Maintenance Instructors how they feel. :down:

 

[PITbull]

It's no wonder why many of us non-contract employees on the west are not in favor of being sucked into what many of us percieve as a losing situation...becoming unionized. Just go ask the West Maintenance Instructors how they feel. :down:

Let the truth be told that Doug Parker penalizes folks who are union vs. those who are not. Total disrespect for his workers.

The guy refuses to negotiate anything for his West contracted employees. :down:

Last I checked, 80% of all of USAirways is contracted. Might find it a bit difficult to work with morale so poor.