|Quoting Burnsie28 (Reply 11):|
Sorta, employees are now not happy etc... and not to mention, NW was posting profits before they got rid of Anderson to bring in Steenland who wanted pay cuts but Richard tried to avoid them at all costs. Steenland is worthless.. he didn't really do anything other then put NW in BK and then take away a lot then cut pretzels to save 150K a year... then he walks away with $2.6 million, at least Grienstein rejected it...
Burnsie, I know you have a personal vendetta against Steenland, but don't get your feelings in the way of reality......
was posting profits in the good 'ole days, as was everyone else. When Anderson (RA) left, they were not. Their cost structure was unsustainable in light of the competition and domestic revenue environment. RA
did a good job immediately post 9/11, was the writing was on the wall at a pre-packaged trip through Ch. 11 was going to be necessary. It can be argued that RA
delayed this, by NOT making the cuts earlier, in a similar fashion as DL
did too, both thought they could make it through without making hard decisions.
b) Steenland (DS) was not the one that put NW
in Ch. 11. Yes, he was CEO at the time, but it was not the one responsible, nor really is any one particular person the scapegoat for such. It was the build-up of a lot of thing over a number of years and a variety of management teams, plus alot of external factors really beyond anyone at NW
c) Lets not picture Grienstein (GG) as an angel and DS as the devil here, its not so simple. There BOD
, as well as shareorders, the financial community, and the debt holders all have a major stake in the reorganization of NWA, and in many cases gives the CEO the marching orders to carry out. $550K base, for a total of $2.6M in total compensation for leading a successful bankruptcy restructuring is a bargain. GG
will reap his compensation in other ways.
d) Employees are always upset about everything at NW
. Thats the nature of the business and the industry. NW
has always been like that, and I don't think anything will ever change until the current generation of employees & management leave. We are talking a good 10-20 years until the situation improves. There is too much bad blood that has existed for too long, over decades and decades for anything to improve overnight. The whole issue of executive compensation is stupid - seriously pick a fight worth fighting over. I would agree with the compensation was outragous, like the Home Depot issue or some of the tech firms, but this is just pocket change.
e) Cutting pretzels may appear as a dumb move, but in reality does anyone really care after the fact? For the majority of short hops that NW
flies is it necessary to provide food & IFE? With the ample opportunies to bring your own food on board from the airport, the short flights, and the fact that it seems the majority of passengers now days have their own laptops, DVD players, & Ipods - plus bring their own books & magazines, a lot of the in-flight offerings on flights under 2-3 hours seem unnecessary these days. Commuter trains generally don't provide any of that stuff - if you want it you bring it from home or pick it up at the station. I agree though, that the offerings on the West Coast - DTW
flights are subpar, but you can say that about some of the other carriers too. NW
doesn't want to be all things to everyone - they are a niche major. They want to run a reliable, efficient operation, to modern & efficient hubs/terminals, and offer technology to make things easier, such as through their website for reservations, rebookings, and check-in.