This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.
United CEO Oscar Munoz saw his 2017 pay nearly halved that of the year before, following a number of public relation disasters the airline faced throughout the year.
In 2017, Munoz took home a total of $9.56 million. While it may seem like a lot, the total is nearly half of the amount of cash Munoz received in 2016, United said in a filing on Monday. In a letter to employees, Munoz detailed that he deferred the bonus from United’s compensation committee.
“I felt it was important to send a message about the culture of accountability and integrity that we are building here as a United team,” CNBC reports that Munoz said in the letter to employees. “We had some incredible successes in 2017, but also some setbacks.”
In addition to the pay cut for Munoz, United Continental Holdings, the airline’s parent company, is getting a new chairman. In Monday’s filing, United said that its current chairman, Robert Milton, who is the former CEO of Star Alliance partner Air Canada, will not seek reelection. Another of its board members, Laurence Simmons, will also not seek reelection. In all, the number of members on the board will be reduced from 16 to 14 members.
Of course, the largest of the public relations disasters to hit United in 2017 came in April with the dragging incident of Dr. David Dao. Then, last month, United was behind another major PR disaster when a dog was killed after a flight attendant forced a passenger to place the dog in the overhead bin.
Featured image by Anadolu Agency / Getty Images.
The headline on this story was corrected to show that Munoz skipped, rather than deferred, his bonus.
Know before you go.
News and deals straight to your inbox every day.
NEW INCREASED OFFER: 60,000 Points
TPG'S BONUS VALUATION: $1,200
CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
- Chase Sapphire Preferred named "Best Credit Card for Flexible Travel Redemption" - Kiplinger's Personal Finance, June 2018
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- No foreign transaction fees
- 1:1 point transfer to leading airline and hotel loyalty programs
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
- No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards