Delta CEO: Give my bonus away
Turning his back on a potentially lucrative payday, Delta Air Lines CEO Gerald Grinstein said Monday that he is refusing any stock, stock options or cash when the carrier emerges from bankruptcy.
Grinstein, who has led the USA's No. 3 airline since January 2004, said he wants Delta instead to invest what he would have gotten in post-bankruptcy bonuses, to be used for scholarships and emergency hardship assistance for Delta employees, families and retirees. Under a post-bankruptcy compensation plan unveiled Monday, Grinstein could have been expected to net about $10 million, including such bonuses, over about three years.
Delta hopes to exit bankruptcy in May. Grinstein, 74, who plans to retire this summer, said it wouldn't be right to take money intended as an incentive for future executive performance.
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