$3 Million Reasons Why Southwest Management Refuses to Take Federal Loan

November 13, 2020 Admin 0

November 12, 2020

All five of Southwest Airlines’ named executives would be subject to strict pay limitations for up to six years if the company takes a loan from the U.S. Treasury as part of the CARES Act emergency relief legislation.

CEO Gary Kelly, who received $8.8 million in total compensation in 2019, would be limited to no more than $5.9 million (the equivalent of a nearly $3 million pay cut) in any twelve month period until 12 months after the loan is repaid – likely until the year 2026. Any officer severance packages would also be limited for years … Read More...