United Airlines parent UAL Corp. paid chief executive Glenn Tilton $23.8 million in total compensation last year as it posted consecutive quarterly profits after leaving bankruptcy.
Tilton, the CEO at the world’s second-largest airline since 2002, received $687,083 in base salary, UAL said Monday in a proxy statement filed with U.S. regulators. Most of Tilton’s compensation came from stock and options, the filing showed.
The pay disclosure came after pilots held airport rallies to protest wages they say are too low. Unions objected last year when the top eight executives got stock and options valued at $45 million, a 3.3 percent stake in the reorganized airline.
For 2006, Tilton, 58, received a stock grant valued at $11.7 million and options valued at $10.4 million, according to the filing. He received $839,028 in incentive pay and $210,959 in other pay, according to the proxy from Elk Grove Township, Ill.-based UAL.
In 2005, Tilton’s total compensation came to $1,115,015.
Shares of UAL fell $1.09 to $38.32 in Nasdaq Stock Market composite trading late Monday afternoon. The shares would have to rise to as much as $57 for Tilton and other executives to reap the full value of their options, United spokeswoman Jean Medina said.
Denver Post staff writer Kelly Yamanouchi contributed to this report.
