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April 15, 2009 · Hundreds of American Airlines employees – from ramp workers to baggage handlers – protested outside corporate headquarters, demanding an end to stock compensation for executives.
With their own contracts now in negotiations, angry members of American Airlines’ Transport Workers Union chanted their protest against stock payouts to senior managers. They shouted, “Cancel those checks,” and “We want a contract.” Ever since unions accepted benefit cuts 6 years ago to help American avoid bankruptcy, members say it’s not fair executives still get what they call bonuses, even when the company loses money. Fred Harris is a long time baggage handler:
“If they want dedication, if they want sacrifice from us, then we expect the same from them.”
American Vice President Jeff Brundage says executives have not received bonuses since 2001, but stock compensation is different, and is an industry standard. He calls the protest a union negotiating tactic, and says members are well paid for jobs other carriers now outsource.
“We’ve hired U.S. workers to work on American airplanes, on American soil, at American wage rates with good pension, benefits, and retiree medical.
Stock compensation to American Airlines executives could total millions of dollars, based on today’s closing stock price. Brundage says the amount will be a fraction of what was initially approved by the American Airlines board. |
