3:57 PM
United Continental CEO to get $975,000 salary
Addison Ray
NEW YORK | Sun Oct 3, 2010 5:37pm EDT
NEW YORK (Reuters) - Airline company United Continental Holdings Inc. (UAL.N), formed Friday in the merger of UAL and Continental Airlines, said Chief Executive Jeff Smisek would receive an annual salary of $975,000.
Smisek, who had been CEO of Continental, my also receive 150 percent of his salary as an annual bonus. Pay details were disclosed by the company in a Securities and Exchange Commission filing Friday.
UAL and Continental merged to create the world's largest carrier by traffic.
Smisek, who has a three-year contract, also may receive a long-term incentive award next year with a value of $8.4 million as well as a one-time merger bonus of $4 million.
Glenn Tilton, who was CEO of UAL, retired Friday. He will get a retainer of $600,000 and grant of $150,000 in restricted stock each year.
Other top-paid United Continental executives have two-year contracts, including Chief Financial Officer Zane Rowe, who will receive an annual salary of $750,000.
(Reporting by Joseph A. Giannone; Editing by Diane Craft)
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