JetBlue’s Barger cuts himself a break, a pay break

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Such a guy. JetBlue’s chief executive officer, Dave Barger, took a voluntary 50% cut in 2008 base pay for the rest of the year. The reduction, in effect through Dec. 31, puts Barger’s salary at an annual rate of $250,000, the airline said in a Securities and Exchange Commission filing. Barger, 50, took the step “in recognition of the challenges faced by the company and its employees in the current industry environment,” JetBlue said. Barger (above, left), who took over from JetBlue founder Dave Neeleman (above, right)in May 2007, had a base salary last year of $200,000 that was part of a total package of just over $514,000. The airline has entered rocky territory since Barger took office, losing $7 million in the last quarter alone. Fuel has risen by more than 80% since Barger took over.

Barger becomes at least the fourth CEO at one of the large US airlines to take a pay cut. In June, Continental’s CEO, Larry Kellner, said he’d give up salary and bonuses for the rest of 2008, and AirTran’s Bob Fornaro will take a 15% pay cut starting in August. Midwest‘s Tim Hoeksema is also taking a pay cut.

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6 Responses to JetBlue’s Barger cuts himself a break, a pay break

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