Tuesday, March 27, 2007

Delta CEO Taking One For The Team - When Employees Have Already Taken It In The Shorts!

The Chief Executive of Delta Airlines Gerald Grinstein isn't expecting a pat on the back when the airline emerges from bankruptcy. In fact, he's not expecting much of anything. But media sources and airline industry analysts are making this guy out to be a corporate saint...yeah, right!

Grinstein, who is planning to step down when Delta emerges from Chapter 11, declined all management equity awards, payments or severance that he otherwise would be entitled. When asked why he's forgoing the money, Grinstein told the Wall Street Journal that Delta "is a terrific company, and I wanted to see it succeed if I could help."

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.

Gee Mr. Grinstein, today when many people are losing or have lost their homes due to sub-prime loans, or when pilots of Delta take a 50% pay cut to save your company's ass, it is just so totally refreshing to find a CEO that understand that it's not all about him.

The Journal points out that Grinstein already has amassed a fortune from his business career. How much has this mega-company CEO actually collected in salary and bonuses when his employees have taken a pay cut in the last few years? He will continue collect a base salary of $338,000.

Of course, Delta's employees deserve to be rewarded for their sacrifices don't ya think?