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Keeping $107 Million for That Rainy Day

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Source: Archived Content

Date: Dec 19, 2002

According to a Dec 16 article in Chicago Business, United wants to keep an employee retention and severance program that could cost up to $107 million, "depending on the extent of downsizing."  Oh Lord, here we go...

Why would they want to set aside one hundred and seven million dollars for this?  According to the article: The annual rate of officer turnover quadrupled, to more than 10%, during the 360 days prior to United's petition this month, and if it keeps up, United is worried about the ability to operate and emerge from Chapter 11.

If our beloved, departing 'officers' were so talented, why are we in such a horrible financial situation to begin with?  And enough of the AIR-TRAVEL-HAS-CHANGED-BAD ECONOMY rhetoric.  Yes, it has.  But look at the leadership and foolish decisions made during that past 5 years.  The pendulum economic swing was a long time coming, as was also the obvious rise of the low-cost Greyhound carriers.  What happened to the opportunity to manage, prepare, and proactively enact changes to accommodate?

If the annual rate of officer turnover quadrupled during the past year, then these 'talented' people left the company during its very darkest hour.  Great assets?  Key employees?  These 'talents' apparently didn't stick through and believe in a company that put plenty of food on their table during the late 90's.

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