UAL Will Reduce Pay for Executives
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UAL Corp.’s United Airlines said it will cut the salaries of executives and nonunion administrators to save $430 million over three years as the world’s second-largest carrier prepares to seek a government loan guarantee.
Chief Executive Jack Creighton will continue to forgo his salary.
The pay cuts will affect 11,100 employees, or about 13% of the company’s work force. UAL said if a “substantial number” of workers agree to concessions it will apply for a loan guarantee under a federal aid program set up last year after the Sept. 11 attacks.
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