Hawaiian Air CEO pay totals $2.3M
Mark Dunkerley piloted it to a profit despite a fare war and high fuel prices
Hawaiian Airlines President and Chief Executive Mark Dunkerley, whose company managed a $7.1 million profit last year in the face of record-high fuel prices and an interisland airfare war, received $2.3 million in total compensation in 2007.
Dunkerley, 44, earned a base salary of $550,000 -- equal to his base salary of 2006 -- and received $634,150 in non-equity incentive plan compensation, $48,239 in stock awards, $1 million in option awards and $59,353 in other compensation, according to parent company Hawaiian Holdings Inc.'s proxy filing yesterday with the Securities and Exchange Commission. A majority of deferred shares and options issued to Dunkerley last year have no immediate value and, in some cases, have value in the future only if stock performance exceeds certain targets.
Hawaiian's stock has doubled over the past year to $6.80, and hit a 52-week closing high of $7.20 on Monday, a week after rival Aloha Airlines shut down passenger operations.
"Given the extremely difficult business environment in the airline industry, Hawaiian's performance last year was remarkable," Hawaiian Holdings Chairman Lawrence Hershfield said. "Mark and the rest of the management team made the right decisions in meeting the challenges of 2007 and the company is in a strong competitive position as a consequence.
"This is even more apparent in light of the events that have taken place in the airline industry over the past couple of weeks."
Jonathan Ornstein, 50, chairman and CEO of Mesa Air Group Inc., the parent company of interisland carrier go!, received 2007 total compensation of $667,781, including a base salary of $450,000, according to Mesa's recent proxy filing.
Mesa lost $81.6 million in its fiscal 2007 year that ended on Sept. 30.
Ornstein owns 7 percent of Mesa, whose stock yesterday fell to 67 cents -- the lowest since the company's initial public offering in March 1987.
Aloha Airlines President and CEO David Banmiller was receiving $455,400 in base salary during the company's 2004 bankruptcy, court records show. However, since Aloha is privately traded, details of his current salary have not been disclosed.
Aloha spokesman Stu Glauberman said yesterday that Aloha had no comment on Banmiller's salary.