America West Holdings Corporation
(NYSE: AWA) today announced that its board of directors had approved the
distribution of $23 million in cash incentive compensation and annual merit
increases to its eligible employees following the company`s record 1999
financial performance. Next week, approximately 5,800 employees of America
West Airlines who participate in the company`s AWArd Pay plan will receive
incentive bonuses equal to 11.8 percent of their 1999 earnings and
approximately 170 employees of The Leisure Company, which has its own
compensation plan, will receive 8.2 percent of their 1999 earnings. In
addition, a merit increase averaging 4 percent of qualifying payroll will be
paid to all eligible America West Holdings employees over the coming year.
“The teamwork and effort our employees demonstrated during the year were
major factors in the attainment of last year`s record financial results,” said
William A. Franke, chairman, president and chief executive officer. “This
year`s incentive award equates to six weeks of pay for America West Airlines
employees and four weeks of pay for The Leisure Company employees.
“AWArd Pay and our merit pay programs are based on the premise that
individual performance can make a difference and offer our non-union employees
profit sharing rewards. Under our compensation arrangements, our
participating employees are asked to condition a part of their pay on their
individual performance and the company`s success. Our incentive plans are
America West`s way of sharing that success.”
Eligible full-time and part-time employees of the company`s two
subsidiaries, America West Airlines and The Leisure Company, participate in
the Company`s incentive and merit increase programs. Employee groups that do
not participate in AWArd Pay and other incentive programs include employees
who are represented by a union at the time of payment as those employees have
or are in the process of negotiating separate union agreements which may
stipulate alternative compensation arrangements and benefits.
America West Holdings Corporation is an aviation and travel services
company with 1999 sales of $2.2 billion. Wholly owned subsidiary America West
Airlines is the nation`s ninth largest carrier serving more than
140 destinations in the U.S., Canada and Mexico. The Leisure Company, also a
wholly owned subsidiary, is one of the nation`s largest tour packagers.
This press release, as well as releases issued in the past year by America
West Holdings and its affiliates, can be accessed on the America West Internet
site at http://www.americawest.com.