US Airways Chairman and Chief Executive Doug Parker received $5.9 million in compensation last year, according to an analysis of a federal regulatory filing made Monday.
Parker is credited with turning two struggling airlines - America West Airlines and the formerly bankrupt US Airways - into moneymakers.
The Tempe, Ariz.-based US Airways posted a $303 million profit in 2006, and company officials say they've benefited from almost $1 billion in additional revenue, cost savings and other synergies related to America West's combination with US Airways.
Last month, the company said it mailed almost $59 million in profit sharing to employees. However, US Airways has yet to settle labor contracts with its pilots, flight attendants, machinists and fleet service workers.
Parker, 45, was paid a $550,000 salary in 2006, an amount that the company said has not increased since he took the helm of America West Airlines in September 2001.
He got $1.7 million in performance incentive payments. Parker also received other compensation of $47,947, including personal travel benefits, and $11,072 in tax liability payments related to personal travel benefits, personal cell phone use, financial services and golf course club dues.
US Airways also gave Parker stock and options awards that had an estimated value of $3.5 million when they were granted on April 19, 2006.
The Associated Press calculates total pay including executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and options awards granted during the year.
The calculations don't include changes in the present value of pension benefits or the company's cost of stock and options granted before 2006. The figures can differ from the company's total.
The proxy statement said the carrier's annual meeting will be at the Radisson Plaza Warwick Hotel Philadelphia on Tuesday, May 15, at 9:30 a.m. EDT.
US Airways released its executive compensation figures after the stock market closed. Its shares were up 11 cents, or less than 1 percent, to $45.34 Monday on the New York Stock Exchange.
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Pay is an explosive topic at Northwest, where union workers are putting in longer hours for less money, enough to add up to $1.4 billion a year in savings.
the amount of the compensation -- the $232 million in restricted stock alone averages out to more than $575,000 per executive -- left union officials angry.
Doug Parker could receive more in bonuses and stock if the carrier performs financially.
The union said this was the first time it has engaged in informational picketing since the airline came out of bankruptcy protection almost a year ago.