http://www.staralliance.com/star_alliance/press_room/executive_biographies/glenn_f.htmlGlenn F. Tilton assumed the position as head of United Airlines September 2, 2002. {b]He is the former Vice Chairman of ChevronTexaco Corp. and also held the additional role of interim Chairman of energy merchant Dynegy Inc.
Mr. Tilton joined Texaco Inc. in 1970 and served in various marketing, corporate planning and European downstream assignments of increasing responsibility. In 1989, while serving as President of U.S. Refining and Marketing, he was appointed Vice President of Texaco Inc. He became Chairman of Texaco Ltd in 1991 and President of Texaco Europe the following year. In 1995 he was appointed President of Texaco USA and, later that year, a Senior Vice President of Texaco Inc. In 1997 he became President of Texaco’s Global Business Unit.
Mr. Tilton serves on the Board of Directors of the American Petroleum Institute and Lincoln National Corp., and on the Board and the Executive Committee of the British American Chamber of Commerce.
Copyright © 2003 Star Alliance Corporate Communications
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http://news.airwise.com/story/view/1111053350.htmlMarch 17, 2005
Bankrupt United Airlines paid its top executive a bonus of over USD$366,000 last year as the company sought salary and other concessions from union workers, but has cut his pay by 15 percent in 2005.
Documents filed with the government on Wednesday showed that Chief Executive Glenn Tilton's salary plus bonus amounted to more than USD$1.1 million in 2004, even though he accepted a pay cut during the year.
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But Lakefield, a former Wall Street executive, did not take a pay cut when the company slashed wages and benefits for its union workers this year.
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http://www.usatoday.com/travel/news/2002/2002-10-28-ual-ceo-bonus.htmELK GROVE VILLAGE, Ill. (AP) — At a time when financially strapped United Airlines is trying to steer clear of filing for bankruptcy, the company paid its new chief executive a $3 million bonus to sign a five-year contract.
The nation's No. 2 carrier also said in a filing with the U.S. Securities and Exchange Commission filing on Friday that it agreed to pay Glenn Tilton $950,000 a year and also raised the possibility that Tilton can receive another $1.9 million in yearly bonuses.
In addition, the airline said it created a trust valued at $4.5 million to replace the retirement plan at Chevron Texaco Corp. that Tilton, who was vice chairman of that company, forfeited when he resigned. Tilton, United's chairman, chief executive and president, was also awarded 100,000 shares of restricted stock and received options to purchase 1.15 million shares with a strike price of $3.03 per share.
<<<<<<AND>>>>>>>>http://www.thetravelinsider.info/2005/unitedpileofmoney.htmWhere does the $15 billion appear on United's balance sheet
Here is a pdf copy of United's 2004 Annual Report. Can you find any value attributed to their Mileage Plus program?
Let's look first at an analysis of their $20.7 in total assets. This will show on either page 31 or 32 of the pdf.
You can see figures for all sorts of items, but unless the Mileage Plus program is included in the mere $399 million given for intangibles, or the $831 million of 'other', it doesn't seem to exist under United's assets at all.
If you keep reading, you'll come across an even more surprising outcome. On page 25/26, you'll see a discussion about their frequent flier program which says they've entered an $840 million liability to allow for the value of future award redemption.
So it seems United values its Mileage Plus program as being worth a negative $840 million on its balance sheet, even though it could potentially sell the program for as much as $15 billion.
Is it any wonder United is claiming bankruptcy when it values its assets this way?