United said in an SEC filing late Friday that Jake Brace, United Airlines’ CFO, will be paid $2.42 million after he retires at the end of the month.
Interesting news crossing the wires this morning as United Airlines has announced that Jake Brace, long-time CFO, is “retiring” from the company on Nov. 1.
A couple of things. One this is great news. Should have happened a long time before now however.
Secondly, Kathy Michaels, the former head of IR at United, is going to succeed him. That is also good news.
Of course, no news like this is what it appears to be on the surface, and the obvious question hitting my email box this morning more or less runs around this theme — did CEO Glenn Tilton finally push Jake out, in an attempt to put a lid on mounting calls for Glenn’s dismissal?
Or it could be that Jake has come to the conclusion that his days at United are numbered anyway — and he might as well get out now, with a fat retirement/consulting package, before things get much worse.
Speaking of that no-doubt bloated “retirement/consulting” compensation package — we, along with everyone else will be awaiting the details –when the company outlines the deal in an SEC filling.