No salary without profit, says Continental CEO

01/5/2010 | Wall Street Journal, The

Just days after taking the reins at Continental Airlines, CEO Jeffrey Smisek announced he would forgo both his salary and his bonus until the company achieves a full-year net profit. "I am not asking you or anyone else to reduce their pay," Smisek said in a letter to employees. "What I am asking is that you join me in making Continental profitable again." Analysts expect Continental to earn $1.36 per share in 2010, though rising fuel prices and other factors could threaten the airline's turnaround.

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