The airlines giveth, and the airlines taketh away. This has never been more true than in recent years. From pretzels and pillows to in-flight movies, we have all been robbed of the few things that made flying bearable.
But none of this applies to the airline executives that helped create the current situation. Most retiring executives leave the airline with hefty retirement packages, often including free flights and free medial care for life.
Departing Continental CFO Jeffrey Misner is clearly more creative than any of his colleagues. As part of his retirement package, he has secured a lifetime free executive parking spot at Jacksonville airport “in a lot that is the same or similar to the lot available to airport-management personnel”.
He’s also taking a cool $3 Million in unrestricted Continental stock with him, which is ironic since that is the same amount of money CO lost in their second quarter.
It’s all spelled out in his retirement agreement posted online by the SEC. None of the other juicy details were described, but one can expect a pretty healthy chunk of our ticket money to head his way for years to come.
Misner joined Continental in 1995 and became their CFO in 2004. During his tenure, shares of the airline rose to the upper $40’s in 2006, only to plummet back into the single digits in 2008.
So, next time you spend $26 a day for parking at the airport and another $20 for a snack on the flight, think of poor retired Jeffey Misner.
Source: Footnoted.org