DFW Airport CEO Sean Donohue Lands New 5-year Contract That Boosts His Bonus Potential

DFW International Airport's governing board unanimously agreed Thursday to extend CEO Sean Donohue's employment contract for five years in a deal that leaves his $512,000 base pay unchanged but boosts his potential yearly bonus.His performance-based bonus rises from 30% to 40% of his base pay -- or about $204,800 -- under the new contract. He remains the highest paid airport executive in the U.S.William Meadows, chairman of the airport board of directors, praised Donohue's work and said "we can point to a number of different examples of successes we've all enjoyed under his leadership." During Donohue's tenure, DFW Airport earned recognition as global airport of the year and recently struck a deal with American Airlines to build a much-anticipated sixth terminal. In addition to boosting his bonus, the board granted Donohue additional paid time off and retiree medical coverage, and raised his severance package to roughly $768,000 if he were to be fired without cause.The board also approved a separate agreement for a three-year deferred compensation plan of $200,000 to be paid out beginning Jan. 1, 2021. He would have to forfeit the pay if he leaves the job before Jan. 1, 2024."Everybody felt that we wanted to retain him because he's one of the best aviation CEOs in the world... this guy knows aviation and we feel very fortunate," said Dallas Mayor Mike Rawlings, who will give up his seat on the airport board to the winner of next weekend's mayoral runoff election. He described his vote on Donohue's contract extension as one of the most important of his eight years in office.  Continue reading...