NYTimes.com Article: $9 Million in Pay for US Airways Chief

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$9 Million in Pay for US Airways Chief

April 10, 2004
 By BLOOMBERG NEWS





By Bloomberg News

The US Airways Group, the seventh-largest United States
carrier, paid its chief executive, David N. Siegel, $9
million in 2003, mainly in restricted stock, after his
previously granted awards were canceled in the airline's
bankruptcy.

Mr. Siegel's compensation from the company, which exited
Chapter 11 bankruptcy last year, included $698,890 in
salary and other compensation and restricted stock valued
at $8.3 million, US Airways said in an annual filing. Mr.
Siegel's previous restricted shares and stock options were
canceled when the airline, based in Arlington, Va., sought
protection from creditors in 2002.

Mr. Siegel, 42, also received options to purchase 669,600
shares that could be worth as much as $4.4 million in seven
years, the company said. In 2002, Mr. Siegel received $1.45
million in salary and bonus and was given 750,000 options
that are now worthless, the company said.

US Airways is seeking to trim debt and cut costs by 40
percent after posting losses of $4 billion from 2000 to
2002. The airline last month negotiated relaxed terms on a
$1 billion loan and Mr. Siegel has said the carrier must
change services and prices to compete.

http://www.nytimes.com/2004/04/10/business/10air.html?ex=1082605702&ei=1&en=43a63fc44d3f99bc


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