United Airlines parent UAL Corp. extended Glenn Tilton's term as president, chairman and CEO for an additional four years Friday, rewarding him for steering the No. 2 U.S. airline through bankruptcy and back to profitability.
Tilton, 57, whose original five-year contract had been set to expire next September, will be paid $850,000 (euro671,406) a year under a new contract that runs through Sept. 1, 2011, according to a regulatory filing by the company.
Tilton was paid $605,625 (euro478,377) in 2005 and got a $482,532 (euro381,147) bonus, according to the company's annual report last March.
The announcements followed the company's board of directors meeting in Washington.
UAL gave similar votes of confidence to two other top executives. The board approved a four-year agreement for Pete McDonald, the chief operating officer since May 2004, and promoted Graham Atkinson from senior vice president of worldwide sales and alliances to executive vice president and chief customer officer.
Lead director James O'Connor said the announcements reflect the board's support of United's senior management team.
"Under Glenn Tilton's leadership, United completed a $23 billion (euro18.2 billion) restructuring and returned to profitability, and we look forward to Glenn's ongoing leadership as United implements its strategic business plan," he said.
Tilton said in a message to employees that the restructuring has put United in a position to compete successfully in the domestic and international marketplace.
"We have made important progress against our performance agenda to optimize revenue, reduce costs and improve the customer experience," he said.
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