Eating apparently wasn’t going to be a problem for American Airline execs, at least until their unions found out about new executive comp plans and raised the roof with their objections.
I hate to say it, but I’ve finally seen a use for labor unions. Somebody’s got to keep an eye on corporate leaders who seem more interested in lining their pockets than leading companies. Certainly boards of directors are not doing so. In many cases, the salaries they approve for the execs they hire are simply outlandish and completely disproportionate to the value provided to the companies’ owners – the stockholders.
In the case of American, CEO Don Carty’s salary is a relatively modest $550,000. He simply picked the worst possible moment to get caught with his hand in the cookie jar. Maybe some other would-be crooks will think twice about pulling a Carty. Maybe.