US Airways' board of directors approved raises for four top executives, the airline said in a securities filing Tuesday. Chief Executive Doug Parker's base salary will remain at $550,000, the airline said. It set other base pay as follows:
Executive Vice President Jeffrey McClelland will make $425,000, up from the $400,000 he made in 2004.
Executive Vice President Scott Kirby will make $425,000, up from $380,000 last year.
Chief Financial Officer Derek Kerr will make $300,000, up from $262,000 last year.
Executive Vice President Al Crellin will make $400,000, up from $347,000 last year.
The board also adopted a bonus plan that pegs executive bonuses to the company's stock performance, measured against stock performance of 13 competing airlines.
The filing said the board set the new salaries after reviewing executive compensation at other airlines. -- Tony Mecia
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Chairman and Chief Executive Gerard Arpey and every other U.S. employee of American Airlines will get a salary increase.
US Airways is asking a bankruptcy court to allow it to pay as much as $55 million to executives and other white-collar workers to encourage them to stay with the company.
Northwest Airlines posted a $878 million loss in 2004.
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