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United Airlines CEO saw 2012 pay shrink 41 percent

United Airlines
Posted at 6:20 PM, Apr 12, 2013
and last updated 2013-04-12 18:20:00-04

The CEO of United Airlines saw his total compensation shrink 41 percent last year as the airline stumbled in carrying out its merger with Continental.

Compensation for Chairman and CEO Jeff Smisek was $7.9 million last year, down from $13.4 million after a cut in his incentive payments.

A securities filing on Friday says United executives met enough of their financial goals to trigger some incentive payouts. But those payouts shrank. Board members who consider pay at Chicago-based United Continental Holdings Inc. took into account the carrier's operational problems over the summer months, and the toll they took on its finances. The company lost $723 million last year.

The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.