Compensation for Jeff Smisek, chief executive of United Continental Holdings, surged in 2011, reflecting greater responsibilities after a 2010 merger that created the world's largest airline, according to a filing.
Total compensation rose to USD$14.7 million last year from USD$4.4 million the previous year, the company said in a proxy statement on Friday.
Much of the increase came from a USD$7.5 million stock award that vests over three years and is subject to performance goals including revenue and cost synergies from the merger of United and Continental Airlines, according to the filing.
Smisek was also awarded USD$4.4 million non-equity incentive compensation. About USD$2.4 million of that was payment for years 2009-2011 that was earned in 2011 and based partly on Continental's performance before the October 2010 merger.
