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Midwest Executives In Line For Payouts

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Sep 25, 2007 8:50 am US/Central

Midwest Executives In Line For Payouts

Milwaukee, Wis. (AP) ― Midwest Airlines executives will be paid millions of dollars for stock and options when the company is sold later this year.

Chairman Tim Hoeksema will get more than $10 million for stock and options he has accumulated during his nearly 25 years with the company. That figure also includes the value of a supplemental pension plan that will no longer exist once the company is sold to TPG Capital of Forth Worth, Texas, for $450 million.

Corporate affairs executive Carol Skornicka and operations chief David Reeve stand to earn $1.6 million.

Chief financial officer Curtis Sawyer and marketing executive Scott Dickson will receive about $1 million each.

TPG officials have said they expect to eventually sell their stake in Midwest, perhaps to the largest stakeholder, Northwest Airlines.

(© 2007 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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