United CEO got $18.7 million in compensation

Apr 23, 2017, 02:19
United CEO got $18.7 million in compensation

United Airlines said Friday, April 21, 2017, that its CEO Munoz won't add the title of chairman in 2018 as planned, as fallout continues from the violent removal of a passenger from a plane this month.

"The board also believes that an independent chairman of the board can effectively manage the relationship between the board and the chief executive officer", the company said in the filing.

The Star Alliance carrier has come under a storm of criticism for the 9 April incident, in which passenger David Dao was dragged off a United Express flight by Chicago aviation police.

Mr Munoz was forced to apologise and promised a "thorough" review of what had happened.

The US Senate Commerce Committee has since asked for information on its overbooking policies and specifically about the incident involving Dr Dao.

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The footage, which has been watched by millions on social media, shows him being dragged along the aisle and then running back on to the plane bloodied and screaming.

United executives said this week it was too early to know if the widely publicized incident has affected ticket sales.

The board will decide who to select to fill the position.

United also vowed to amend its 2017 executive compensation to be tied to customer satisfaction levels. Munoz said earlier this week that Dao's treatment was a "humbling learning experience" for United and accepted full responsibility.

Lawyers for the passenger forcibly removed from a United Airlines flight to make way for crew have filed an emergency court request for the airline to "preserve and protect" evidence. It is expected by the end of next week.

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Munoz now serves on the company board and was slated to chair it in 2018.

Munoz, a former railroad executive who took over United in 2015, had already been pressured by activist investors to improve the airline's performance, including in customer relations. Until 2016, the airline used customer surveys as one tool in determining compensation.

Most of Munoz's compensation a year ago was in stock.

In the regulatory filing, United said Munoz agreed to eliminate the clause in his contract in which he would assume the chairman's role and another clause that would have allowed him to resign as CEO if he did not assume that position. If you would like to discuss another topic, look for a relevant article.

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