More $$$ For Milty

golden hawk · Post by **golden hawk** » Fri Jan 19, 2007 2:09 pm

http://www.theglobeandmail.com/servlet/ ... y/Business

Air Canada boss gains $3.5-million in options
BRENT JANG

TRANSPORTATION REPORTER

Air Canada chairman Robert Milton exercised stock options to reap $3.5-million last month, giving him $9-million in total option gains since the airline emerged from bankruptcy protection in 2004.

Through a series of December transactions, Mr. Milton sold 200,000 shares in Air Canada's Montreal-based parent, ACE Aviation Holdings Inc., according to filings with securities regulators.

He sold the ACE shares through 19 trades at prices ranging from $36 to $36.30.

The options had an exercise price of $18.70 a share.

Mr. Milton, who also serves as ACE's chairman and chief executive officer, still has 743,097 ACE options and 24,336 ACE shares.

He had $5.5-million in option gains in 2005.

In early 2005, Mr. Milton and ACE's governance committee agreed to a three-year employment contract that expires at the end of 2007.

Mr. Milton, 46, has said that he is contemplating a career change to become an aviation industry consultant, if he doesn't extend his stay as ACE boss beyond 2007.

He served as Air Canada's president and CEO from mid-1999 to the end of 2004, when he handed over those two titles and responsibilities to Montie Brewer.

Mr. Milton has been sharply criticized by union leaders, who say their members took painful wage cuts during the company's restructuring.

But analysts credit him for spearheading Air Canada's emergence from bankruptcy protection in September, 2004, restoring the airline's profitability and bolstering ACE's investment value by $2-billion while spinning off divisions.

In June, 2003, two months after Air Canada filed for bankruptcy protection, Mr. Milton took a 15-per-cent pay cut and also agreed to a 5-per-cent drop in 2004, when his annual salary was $953,063.

Hedley · Post by **Hedley** » Fri Jan 19, 2007 2:23 pm

Does this mean he earns more than the pilots now?

backon3 · Post by **backon3** » Fri Jan 19, 2007 3:00 pm

Yes!... More than ALL the pilots.

backon3 · Post by **backon3** » Fri Jan 19, 2007 3:00 pm

Yes!... More than ALL the pilots.

Dust Devil · Post by **Dust Devil** » Fri Jan 19, 2007 3:14 pm

he also has more responsibility than all the pilots

Torn · Post by **Torn** » Fri Jan 19, 2007 3:24 pm

He deserves every penny.

cyyz · Post by **cyyz** » Fri Jan 19, 2007 3:56 pm

Dust Devil wrote:he also has more responsibility than all the pilots

Like worrying about his money and when to sell his stocks, because last time I think he lost a few thousand during the bankruptcy...

He deserves every penny.

Sarcasm?

Whatever, if the home depot guy could get 150 million to quit after getting paid 50 million to lose money for the company, you're right, uncle milton deserves every penny...

Torn · Post by **Torn** » Fri Jan 19, 2007 4:39 pm

Whatever, if the home depot guy could get 150 million to quit after getting paid 50 million to lose money for the company, you're right, uncle milton deserves every penny...

That doesn't even make any sense.

cyyz · Post by **cyyz** » Fri Jan 19, 2007 5:21 pm

Torn wrote:
Whatever, if the home depot guy could get 150 million to quit after getting paid 50 million to lose money for the company, you're right, uncle milton deserves every penny...
That doesn't even make any sense.

ATLANTA — Home Depot Inc. (HD) investors on Wednesday asked a Georgia state court to issue an injunction blocking the retailer from paying former Chief Executive Robert Nardelli a $210-million severance package.
"Nardelli's severance package is a final, indefensible step by the board of directors in wrongly over-compensating an unsuccessful chief executive," plaintiffs said in papers asking for a temporary restraining order.

The big boy at the top of the mountain took all the cookies after he broke the mountain.

Milton, the big boy of Air canada, took 50 million bonusee last time and had the company go bankrupt. Now he's taking more milk and cookies for having them go "money bye bye" again, probably... And if they don't closee wosey they'll probably just have the airplane flying guys and lunch ladies on planes take more money cuts so they can't afford to pay for milk and cookies...

Do you comprehend yet? Or shall I dumb it down even more?

if an underperformer(Home Depot CEO) can walk away with 200 million milton(ACE exec) REALLy deserves more money, I mean, last time he only took 50 million, had the staff(workers) take 25% pay cuts and still had a monopoly go bankrupt.

ei ei owe · Post by **ei ei owe** » Fri Jan 19, 2007 8:00 pm

cyyz wrote:if an underperformer(Home Depot CEO) can walk away with 200 million milton(ACE exec) REALLy deserves more money......

I don't think Milton's an underperformer.
I don't understand how one gets the shares Milton's got. WTF? He could dump all those shares and make a bloody mint! Did he buy all those? Did he scam them from the pilots when they took paycuts? I just don't know big business in the boardroom I guess.

North Shore · Post by **North Shore** » Fri Jan 19, 2007 11:57 pm

he also has more responsibility than all the pilots

Not really. If he quit tomorrow, the planes would keep running, and the company would go on. If the pilots all quit tomorrow, then ac would be in deep. Also, if the pilots start to arrive at work late, or take the slow route to their destination, or not detour around CB's or any one of a host of other things, then the pax get annoyed and go elsewhere. Milton could walk around his corner office in his birthday suit, singing lewd rugby songs, and the pax wouldn't know the difference. I'd also suspect that there are a number of guys sitting in the pointy end who, if you doubled, or even tripled their salary, would be more than happy to do Milton's job, and even be competent at it...

Four1oh · Post by **Four1oh** » Sat Jan 20, 2007 12:50 am

what a coincidence that Milty cashed in last month and saved about a million bucks from the recent $7 drop in share price! What luck!

bmc · Post by **bmc** » Sat Jan 20, 2007 12:58 am

Good for Milton. He's done a good job turning around an airline in a highly challenged environment. He deserves every cent.

I love the Canadian attitude that it's criminal for someone to make more money than they do. Especially pilots.

Dust Devil · Post by **Dust Devil** » Sat Jan 20, 2007 5:49 am

bmc wrote:Good for Milton. He's done a good job turning around an airline in a highly challenged environment. He deserves every cent.

I love the Canadian attitude that it's criminal for someone to make more money than they do. Especially pilots.

/agreed.

I think Jack Layton likes to call anyone who wants to make a buck a "profiteer"

Right Rudder · Post by **Right Rudder** » Sat Jan 20, 2007 6:54 am

Everything would work out just fine if everyone stops worring about the next guy and just takes a little more pride in their own work.

C-FABH · Post by **C-FABH** » Sat Jan 20, 2007 10:03 am

bmc wrote:Good for Milton. He's done a good job turning around an airline in a highly challenged environment. He deserves every cent.

I love the Canadian attitude that it's criminal for someone to make more money than they do. Especially pilots.

Without a doubt.

Bugz · Post by **Bugz** » Sat Jan 20, 2007 10:27 am

bmc wrote:Good for Milton. He's done a good job turning around an airline in a highly challenged environment. He deserves every cent.

Wasn't he at the helm when they went into banckruptcy? If he was so great why didn't he see it coming and fix it years before it happened? Most times it's easier to fix your mistakes, but a truly smart person will avoid the mistake all together.

ettw · Post by **ettw** » Sat Jan 20, 2007 11:45 am

Although I'm not absolutly sure but I think most of the groundwork for the bankruptcy was laid before Milton showed up. It took him a while to look at options and try various things before concluding that going down the bankruptcy route and dumping debt and renegotiating contracts was the only way to save AC.

I think he has earned every penny he has been paid either directly or through secondary compensation such as stock options.

I love the Canadian attitude that it's criminal for someone to make more money than they do.

This is a very Canadian thing to do. In the US people look up to these sorts of executives. Here in Canada it seems to be deplorable that anyone should make millions of dollars a year.

Let's face it, everyone would love to make the sort of money Milton is making but very few of us have the qualifications, experience, and resume to be able to support such a demand. For those who do, kudos to you for making the big bucks.

Cheers,

ETTW

cyyz · Post by **cyyz** » Sat Jan 20, 2007 2:23 pm

ettw wrote: This is a very Canadian thing to do. In the US people look up to these sorts of executives. Here in Canada it seems to be deplorable that anyone should make millions of dollars a year.

Let's face it, everyone would love to make the sort of money Milton is making but very few of us have the qualifications, experience, and resume to be able to support such a demand. For those who do, kudos to you for making the big bucks.

Yes everyone in US loves executives at Enron, Tyco, Bre-X.

So wait, aren't you also the same guys that slander the US administration for holding stakes in Haliburton... Talk about a bunch of hypocrits, I mean if they're qualified... So be it.. Right...

He started his career with Air Canada in 1992 on a consulting basis

He was there way before anything happened.

Within days of his being appointed CEO, Air Canada was faced with a hostile takeover bid initiated by Onex and American Airlines. Mr. Milton led the defence which defeated the hostile bid in September of the same year

Yup huzzah, he stopped the take over and they went broke...

He graduated in 1983 from Georgia Institute of Technology with a Bachelor of Science Degree in Industrial Management.

He has a BSc... that's not anything significant in the realmof "qualifications."

Daniel Shurz
Vice President, Network Planning

Daniel holds an MBA from the University of Chicago and a BA from the University of Cambridge.

if you want someone who is qualified, they should put the VP in power, atleast he has a an MBA....

But your right, his daddy had lots of cash to get him where he is... Really qualified...

cloudcounter · Post by **cloudcounter** » Sat Jan 20, 2007 2:41 pm

I think the guy is a shark maintained by gov't lampreys

I hope he chokes on his big bucks for spearheading low ball tactics in the 'business'
.02

C-FABH · Post by **C-FABH** » Sun Jan 21, 2007 11:49 am

Bugz wrote:Most times it's easier to fix your mistakes, but a truly smart person will avoid the mistake all together.

How Milton was supposed to single-handedly prevent 9/11 and SARS, I don't know. Any suggestions?

cyyz · Post by **cyyz** » Sun Jan 21, 2007 12:15 pm

C-FABH wrote: How Milton was supposed to single-handedly prevent 9/11 and SARS, I don't know. Any suggestions?

Actually, that was the best time for all airlines to re-raise airline prices, reduce schedules, and alter the market.. Any true visionary would have seen that...