In recent years, airlines have taken away passenger perks such as free pretzels and pillow, and even in-flight movies, tAccording to information available on the SEC website, not so many perks have been taken away from the airline executives. Even with current economic conditions, most executives retiring from the various airlines tend to leave with well-endowed retirement packages, including free flights and free medical care.
For example, the departing CFO of Continental Airlines, Jeffrey Misner, negotiated an attractive retirement package that even includes a free executive parking space at Jacksonville Airport for the rest of his life. The space is "in a lot that is the same or similar to the lot available to airport-management personnel.”
Misner is also receiving $3 million in unrestricted stock in Continental Airlines, which seems a bit ironic, as this amount matches Continental’s second quarter loss.
Information about his retirement agreement is available on the SEC website. Not all the details were posted, but with expensive retirement agreements such as this it seems likely that a share of airfare increases will be paying for this and other agreements for some time to come.
Misner became the CFO of Continental in 2004, and had first joined the organization nearly 10 years earlier. During his tenure at the airline, share prices rose to the upper $40s in 2006, and then fell back into single digits in 2008.
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