Atlas Air CEO’s compensation package released
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- April
- 17
To ensure that William J. Flynn would take the top management job at Atlas Air Worldwide Holdings Inc. of Purchase last year, the board of directors gave him a $200,000 signing bonus, boosted base salary for the job by 25 percent, and bought Flynn’s house in California.
The details of Flynn’s compensation package were released this week in the company’s proxy statement. Flynn took over as president and chief executive officer on June 22, following the retirement of his predecessor, Jeffrey H. Erickson.
Flynn was paid $2.19 million in total compensation for 2006. His annual base salary was set at $650,000, well above Erickson’s salary of $520,800 for 2005. Flynn also received a $200,000 “sign on� bonus, a $66,000 discretionary bonus for performance in 2006, an incentive plan payment of $263,000, a stock award valued at $422,700, and options valued at $112,700.
Atlas Air also paid Flynn $781,500 for his house and other relocation expenses, the proxy showed. Flynn now lives in New York City, the company said.
Atlas, which provides a variety of aircraft services, “is a very dynamic company, and it deserves dynamic leadership,� said Dan Loh, the head of investor relations. Flynn “brings to the company a very unique set of eyes and experiences.�
Flynn has broad background in logistics and transportation. Previously he was president and chief executive of GeoLogistics, a company he helped restore to profitability and later sell. Thomson Financial’s Buyouts magazine rated it “Turnaround of the Year.�
Before joining GeoLogistics, Flynn worked for several years for a subsidiary of CSX Corp., holding senior management positions in Asia, Latin America and the United States.
Loh said the company has credited Flynn with process improvements, a new aircraft fleet strategy, and a strategic partnership with DHL, the express delivery business.
Atlas Air emerged from Chapter 11 bankruptcy reorganization in 2004. It reported net income last year of $59.8 million on revenue of $1.48 billion. The stock closed yesterday at $59.20, down 60 cents. It’s up 33 percent for the year.
This entry was posted
on Tuesday, April 17th, 2007 at 6:37 pm by Jerry Gleeson.
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