New Continental CEO Pledges No Salary Until Profitable
The new CEO of Continental Airlines Inc. said he will refuse to accept a salary or annual bonus until the company makes a full-year profit.
Jeffery A. Smisek, who became CEO Friday after Lawrence Kellner stepped down to join a private-equity firm, told employees about his pledge Monday.
Continental, the nation's fourth-largest airline by traffic, lost $367 million in the first nine months of last year.
Smisek said if employees want better pay and benefits, they need to focus on making money. He said he was making his pledge because "the tone for any business is set at the top."
Published at 2:05 PM CST on Jan 4, 2010
Copyright Associated Press