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 This material may not be published, broadcast, rewritten, or redistributed.)
