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Wed, May 25, 2005

FAs Challenge US Airways Execs' Parachute

How Much Is Too Much?

US Airways' flight attendants are up in arms over a request from management for $55-million in golden parachutes aimed at easing the pains of merging with America West. They've filed a motion in bankruptcy court demanding the severance packages be denied.

At the top of the list is CEO Bruce Lakefield. Under the company's motion in bankruptcy court, he'd bail out with six times his $425,000 annual salary -- about $2.55 million.

Under management's plan, US Air's corps of vice presidents would each get twice their annual salaries and about 1,900 managers would receive a going away gift of 12 weeks' severance.

Flight attendants say they've taken three big pay cuts over the past couple of years and been forced by the bankruptcy judge to give up their pensions. For that reason, they say the juicy executive severance proposal is just too much to swallow.

So far, there's been no comment from airline managers.

FMI: www.usairways.com

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