In a regulatory filing released Friday, the chief executive of Continental Airlines received $6 million in compensation from the company last year, down 9.3 percent from 2006.
CEO Lawrence Kellner's received the compensation in stock and option grants in February 2007. The compensation is worth much less today than they were originally granted.
Houston-based Continental earned $459 million in 2007, but its stock fell 46 percent as the airline dealt with high fuel prices and a looming economic recession.
In a bid to increase its capital and resources, Continental held advanced talks this year about combining with United Airlines. But over the weekend, Continental's board said the carrier had decided to not merger at this time.
In 2007, Kellner's salary was unchanged at $712,500, according to the proxy statement that the company filed with the Securities and Exchange Commission.
If Continental had to merge, Kellner could receive a $17 million severance package, according to a union pension fund that wants shareholders to have some say in approving such deals for top executives.
Continental profit rose 25 percent in 2007 and equaled $4.18 per share, compared with a gain of $343 million, or $3.30 per share in 2006. Revenue increased to $14.23 billion from $13.13 billion.