Sep 25, 2007 8:50 am US/Central
Midwest Executives In Line For Payouts
Milwaukee, Wis. (AP) ―
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TPG officials have said they expect to eventually sell their stake in Midwest. (File)
CBS
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 This material may not be published, broadcast, rewritten, or redistributed.)