Guest Radar Posted March 26, 2003 Share Posted March 26, 2003 From the AirlineBiz.com newsletter. Plus ca change............ AJC -- Executives at Delta Air Lines got cash bonuses totaling $17.3 million last year, as the company posted huge losses, slashed thousands of jobs and sought millions of dollars in federal aid. Delta used another $25.5 million in cash to create special funds guaranteeing certain executives' pensions in the event of a bankruptcy, according to a filing the Atlanta-based airline made Tuesday with the Securities and Exchange Commission. The filing shows that Chairman and Chief Executive Leo Mullin got the biggest bonus, $1.4 million, in addition to his full salary of $795,000, for a total of $2.2 million in cash pay. It was the highest amount Mullin has received in his 5 1/2 years at Delta. Delta had given no executive bonuses in 2001 but last year retooled its bonus formula to make them possible despite $1.3 billion in losses. Company documents show executives were aware the pension changes could create public relations problems with various groups, ranging from union pilots to politicians, but decided to make them anyway. THE NUMBERS: $1.3 billion: Delta's net losses 16,000: Jobs cut 58.6%: Drop in share price $4.8 million: Bonuses paid to top five executives $12.5 million: Bonuses paid to 55 second-tier executives Plus c'est la meme chose Link to comment Share on other sites More sharing options...
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