Orbitz Poaches Its New CFO From Delta

Mike Randolfi wrangles a nice compensation package from his new employer.

Rich Smith
Rich Smith
Feb 23, 2013 at 7:48AM
Technology and Telecom

On Friday, Orbitz Worldwide (UNKNOWN:OWW.DL) announced it has hired away Delta Air Lines (NYSE:DAL) Senior Vice President and Controller Mike Randolfi to become Orbitz's new chief financial officer.

Effective March 11, Randolfi will become responsible for "accounting, financial planning and analysis, investor relations, tax, procurement, internal audit, and treasury" functions at the online flight reservations company. Interim CFO David Belmont, meanwhile, will "return to his position as group vice president, financial planning and analysis."

In an SEC filing on the hire, Orbitz advised that Randolfi will receive a $100,000 signing bonus and a 450,000-share restricted stock grant when he joints Orbitz, with the stock vesting "in four equal installments on each of the first, second, third and fourth anniversary of grant date." His base salary will be $360,000, and he will be eligible to receive annual bonuses in the amount of 75% of "eligible earnings."

The company will also reimburse Randolfi his moving expenses.