My two sons…

February 6, 2004

Much has been made over the fact that Continental Airlines’ (CAL) top two executives — Gordon Bethune and Lawrence Kellner — took pay cuts in 2003 and accepted no bonuses. But there’s another interesting disclosure in Continental’s proxy filed earlier this week. Chairman and Chief Executive Gordon Bethune’s son and stepson are both employed by the airline in senior-level jobs. Even more interesting is that the proxy notes that stepson Michael Natale’s job at Continental predates Bethune, who the proxy notes has been Chairman and CEO for more than five years. Yet this is the first year that Continental chose to disclose details about Natale, a staff vice president for Systems Administration who made just over $200K last year.

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