Fixed Wing
Senior
- Jun 19, 2004
- 259
- 6
If you look at the 10K report, it speaks to his exit provisions.
Al Crellin, who announced his resignation today, will leave US Airways with a nice parting gift next month: a sizable severance package.
Assuming the airline's chief operating officer is leaving for "good reason'' (versus being fired for cause, which rarely happens in corporate America), Crellin is entitled to receive, according to his contract: two times his base salary of $400,000, plus two times his target annual incentive award. His target award for this year was 60 percent of his salary. Add it all up and Crellin is due a payout of nearly $1.3 million.
He also will receive accrued vacation pay and health and life insurance benefits for 18 months.