Executive Compensation
Why Do We Care

“Corporate pay packages have gotten out of control. It has become a salary derby out there.” Former Delta CEO, Gerald Grinstein in 2007 after refusing post bankruptcy bonuses. -USAToday

We don’t begrudge Delta executives being well compensated, especially if that compensation comes with greatly improved service or financial health. What is clear from the figures displayed below is that compensation increases for top Delta executives had nothing to do with service or financial health. The CLT simply used their employees as an ATM machine. Bankruptcy was used as a business tool at both Northwest and Delta to reach into the pockets of employees and take out millions. This was lost vacation, lower wages, slashed benefits. That is why we care.

2005
Gerald Grinstein - CEO-$382,207

2006
Gerald Grinstein – CEO-$343,402
James Whitehurst – COO-$417,370
Ed Bastian – CFO-$443,369
Glen Hauenstein - EVP-$388,675
Joseph Kolshak – EVP-$386,675
Total for 2006 - $1,979,698

In early 2007 Delta emerged from bankruptcy. The figures below give a clear idea of what Richard Anderson means when he refers to bankruptcy as a business tool. Dramatically increased executive compensation accounts for a significant portion of what employees were forced to give back.

2007
Richard Anderson – CEO-$11,296,759
Ed Bastian – President &CFO-$10,298,340
Mike Campbell – EVP-$6,380,261
Glen Hauenstein – EVP-$7,333,300
Lee Macenczak – EVP-$5,939,836
Total for 2007 - $41,248,496

2008 was similar to 2007.

There were large increases well down into the executive ranks.
All figures from projects.ajc.com.