Halfnut
14th Dec 2006, 23:47
http://blogs.usatoday.com/sky/
Airline CEO to give bonus to charity
Qantas CEO Geoff Dixon accepted an offer from a private equity consortium to stay on as the airline's chief after the airline changed hands in an $8.64 billion buyout. But, Dixon has turned down one of the most generous provisions offered to him in the deal, according to The Age newspaper of Australia. While he acknowledged his salary and short-term bonus would remain roughly the same (he earned about $4.15 million last year), Dixon also would be eligible to earn up to $47 million "as part of a long-term incentive scheme if Qantas hits its financial targets," The Age writes. But despite the potentially lucrative payout, Dixon says says he'll instead give any proceeds from that plan to charity.
"I thought about it once I knew this was on. I regard myself as reasonably fortunate. I discussed it with my family and said I think we've got enough to keep us going. This is a great opportunity to do something worthwhile for the community," he says to The Age. The paper notes that Dixon's decision comes "as concern has mounted in North America about bosses raking in millions by selling their companies to private equity. In many of the buy-outs, funded largely with enormous debt, many U.S. chief executives have made millions through change-of-control packages, and have then continued running the business."
Posted at 12:57 PM/ET, Dec 14, 2006 in International carriers | Permalink | Comments (2) TrackBack (0)
Airline CEO to give bonus to charity
Qantas CEO Geoff Dixon accepted an offer from a private equity consortium to stay on as the airline's chief after the airline changed hands in an $8.64 billion buyout. But, Dixon has turned down one of the most generous provisions offered to him in the deal, according to The Age newspaper of Australia. While he acknowledged his salary and short-term bonus would remain roughly the same (he earned about $4.15 million last year), Dixon also would be eligible to earn up to $47 million "as part of a long-term incentive scheme if Qantas hits its financial targets," The Age writes. But despite the potentially lucrative payout, Dixon says says he'll instead give any proceeds from that plan to charity.
"I thought about it once I knew this was on. I regard myself as reasonably fortunate. I discussed it with my family and said I think we've got enough to keep us going. This is a great opportunity to do something worthwhile for the community," he says to The Age. The paper notes that Dixon's decision comes "as concern has mounted in North America about bosses raking in millions by selling their companies to private equity. In many of the buy-outs, funded largely with enormous debt, many U.S. chief executives have made millions through change-of-control packages, and have then continued running the business."
Posted at 12:57 PM/ET, Dec 14, 2006 in International carriers | Permalink | Comments (2) TrackBack (0)