(Reuters) – United Airlines Holdings Inc said on Friday it would pay Chief Executive Officer Scott Kirby an annual base salary of $1 million, lower than what prior head Oscar Munoz received.
The compensation committee also approved an annual base salary of $775,000 for President Brett Hart, less than what Kirby got in the role, the company said in a regulatory filing. (https://bit.ly/2ZuTEPK)
Both Kirby and Hart have waived 100% of their base salaries through the rest of the year in response to the COVID-19 pandemic, which has hammered the airline industry, with flights grounded to curb the spread of the novel coronavirus.
United said Kirby and Hart may not realize the full value of their respective compensation packages as the company has agreed to receive roughly $5 billion in government payroll support under the CARES Act.
(Reporting by Arathy S Nair in Bengaluru; Editing by Aditya Soni)