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