Jeffery A. Smisek, the new CEO of Continental Airlines Inc. (NYSE: CAL), said Monday that he will refuse to accept his $730,000 salary or annual bonus until the airline makes a full-year profit.
Smisek, who became CEO on Friday after Lawrence Kellner resigned to join a private-equity firm, gave his pledge to his employees Monday.
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Continental, the nation's fourth-largest airline by traffic, lost $367 million in the first nine months of last year.
Analysts surveyed by Thomson Reuters expect the company to finish its 2009 fiscal year by reporting a loss of more than $38 million in last year's fourth quarter. However, they predict a profit of about $190 million in 2010.
Continental reported massive losses in the first and second quarters, in addition to the company’s decision to cut 1,700 jobs.
Continental said Smisek's annual salary is $730,000 in a regulatory filing Monday. In his previous position as president and chief operating officer, he was due a salary of $576,000 in 2008 but declined more than half and was paid $240,000.
Smisek did not receive a bonus that year, nor in the previous two years, but was paid $1.4 million under an incentive program that rewards executives for the company's performance over the previous three years.
Monday's regulatory filing said Smisek's pledge to forego salary and bonus would not affect future payments under incentive programs.
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