It’s a cruel world – departing Continental Airlines CFO gets free airport parking for life

by Scott Carmichael on

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

Continental Airlines to join Star Alliance

by Grant Martin on

Continental just issued a press release saying that they’re entering a cooperative agreement with United Airlines, saying the two airlines will “cooperate extensively, linking their networks and services worldwide to the benefit of customers, and creating revenue opportunities and cost savings and other efficiencies.” This means that Continental will also join United in the Star Alliance.

For those of you who follow airline alliances, this means that CO will be dropping Skyteam, whose partners include Delta, KLM and Northwest, and picking up partners such as Lufthansa and US Airways.

Basically, Continental Onepass members won’t be able to accrue or spend miles on Skyteam anymore (similarly, partner airlines can’t spend miles on CO), but they can on Star.

It does not, however, mean that the airlines are merging — only that they’ll be collaborating on many routes, codeshares and other logistics.

In the current airline industry, this change was almost inevitable. Carriers are looking at ways to collaborate on operations and cut costs, just like Northwest and Delta announced earlier this year. With the two airlines’ combined routes and networks, a stronger entity will now exist that can better compete with the soon to be uber Delta Airlines.

No word yet on when exactly the alliance changes will take place and a schedule for the official divorce from Skyteam airlines. But if you were thinking about booking a ticket with your Skyteam miles on CO, now might be a good time to do it.

And the award for the best North American Airline goes to…..

by Grant Martin on

Continental Airlines, for the fifth year straight. Congratulations.

The Official Airline Guide (OAG) just had its annual award ceremony to award the top performers in the industry, and the winner among all frequent flyers polled was Continental.

With a strong market presence out of New York City, hubs across the country, a superior first class and meals still served in coach (gasp), it’s not hard to believe. Continental has perennially been a favorite among business and leisure travelers alike, and as long as they keep up this quality behavior they’ll stay that way.

We’ll see if they jump on the bandwagon of cutting amenities and increasing fees like the other legacy carriers did.

Other notable winners were:

Best Economy/Coach Class: American Airlines
Best Airlines based in Western Europe: Virgin Atlantic
Best Airport: Singapore Changi
Best Transatlantic Airline: British Airways

You can check out the full spectrum of awards over at OAG.com.

Pilot reports seeing a rocket in mid-air

by Anna Brones on

Some weird things can happen in the skies. At least if you are the Continental Airlines pilot who reported seeing a rocket fly past his cockpit window while he was about eight miles away from Houston’s George Bush Intercontinental Airport, as reported by the Houston Chronicle.

“We don’t know for sure what the object was. But we think it might be somebody doing model rocketing,” said Roland Herwig, an FAA spokesman. “The pilot saw the rocket and some people saw the rocket’s trail (of smoke).”

The incident has turned into a full-blown federal investigation, with both the FAA and the FBI looking into the matter. Fortunately no one was harmed or scathed. Just a little weirded out that a rocket may have flown past the cockpit window.

What strange things have been found on planes?


Click the image to read the bizarre story…

Continental Airlines and United won’t be bed fellows after all

by Jamie Rhein on

Continental Airlines has decided to stay single after all–sort of. United Airlines’ parent company UAL had been wooing Continental looking for a merger hook up, but since United hasn’t had great luck financially as of late, (see Grant’s post), Continental has said, “See ya later, toots,” to the merger deal.

According to this article in today’s New York Time’s, Continental Airlines is still casting its gaze towards American Airlines and British Airways for some sort of alliance deal. In the meantime, United is looking for another bed pal.

U.S. Airways may be it, but that’s not clear either. With all the trying out the beds, it’s hard to keep up. What is clear is that ticket prices are going to keep rising. The economy is not being particularly kind to the airline business, although, since the New York Times article was written, the shares of Continental have gone up. The article said at the end of the week, shares were $15.21. Now a share is at $17.25.

As the airlines are looking to swing deals, I’m hoping someone will look at those old Skybus routes. I’m still recovering from that airline’s shutdown.