Washington, D.C., January 28, 2005 - The International Association of Machinists and Aerospace Workers (IAM) today appointed former U.S. Transportation Secretary Rodney Slater to serve as an observer at meetings of the Northwest Airlines’ Board of Directors.
The appointment was authorized following Northwest’s August 2003 refusal to repurchase unredeemed shares of Series C stock distributed to IAM members and other employees as part of the company’s 1994 Employee Stock Ownership Plan. The IAM also has litigation pending against Northwest challenging the actions taken by the company in 2003.
“Rodney Slater’s unique understanding of this troubled industry will be a valuable asset to our members, this airline and its passengers,” said IAM International President R. Thomas Buffenbarger. “I am honored to appoint Mr. Slater to the position that we created.”
Slater, a partner in the Washington, D.C. law firm Patton Boggs LLP, served as Secretary of Transportation in the Clinton Administration from 1997-2001. He joins retired IAM International President George J. Kourpias, who has served as an IAM-appointed Board member of Northwest Airlines since 1994.
At the Board meetings he attends, Slater will have substantially the same rights as each of the Northwest Board members, although he will not have a vote.
“In this role, Rodney Slater can be a focused advocate for IAM members at the Board level without being restricted by the responsibility voting directors traditionally have to represent all shareholders,” said IAM General Vice President of Transportation Robert Roach, Jr. “Slater’s interest on the Board will be the welfare of IAM members.”
“Our members deserve aggressive representation on the Board of Directors,” said IAM District 143 President Bobby DePace. “Rodney Slater’s expertise in transportation issues will compliment George Kourpias’ extensive labor background and create a formidable team to oversee our members’ substantial investment in Northwest Airlines.”
IAM District 143 represents more than 17,000 active and furloughed Northwest Airlines employees in the Equipment Service, Customer Service, Reservation, Flight Simulator Technician, Office & Clerical, Flight Kitchen, Plant Protection and Stores classifications.
More information about the Machinists Union is available at www.goiam.org.
Series C - Background Information
