- UAL Corp. (OTC BB:UALAQ.OB) today announced that Chairman, President and Chief Executive Officer Glenn F. Tilton has elected to reduce his 2003 salary by an additional 14%, effective April 1, 2003.
In December, 2002, Tilton reduced his annual salary by 11%.Ê The net effect of today’s action will be a 25% reduction in his annual salary, or a reduction of $237,500, to $712,500.
“Given the new financial challenges to United and this industry created by the current external environment, I believe this is an appropriate step,” said Tilton.Ê “Everyone at United is contributing significantly and proportionately to our financial recovery, and we all recognize that, in the near term, additional sacrifice may become necessary.Ê I’m proud to be associated with the people of United, who are stepping up to the challenges we face with courage and grace.”
Tilton joined the company on September 2, 2002.
United operates more than 1,500 flights a day on a route network that spans the globe. News releases and other information about United may be found at the company’s Web site at www.united.com.ÊÊÊ