Unlike Most Pay-Cutting CEOs, Delta's Won't Be Rewarded for Saving the Airline

Not only did he forgo part of a comparatively low salary while leading Delta through its Chapter 11 case, Grinstein will get none of the usual payouts. No stock. No cash bonus. Nada.


* GM chief Rick Wagoner was hit with a nearly 50 percent pay cut in 2005 and volunteered for a 50 percent cut in his $2.2 million salary in 2006.

* Gerard Arpey, chairman and CEO of American Airlines, turned down a 22 percent raise in 2004 as the airline struggled.

* Google CEO Eric Schmidt and co-founders Sergey Brin and Larry Page took $1 salaries for the past three years and annual bonuses of less than $2,000 each. All three have huge stock holdings that have made them wealthy.

* Delphi Corp. Chairman Steve Miller reduced his $1.5 million salary to $1 after the auto parts company filed for bankruptcy protection.

* Ex-PepsiCo boss Roger Enrico slashed his $900,000 salary to $1 in 1998, 1999 and 2000 so the money could be used for scholarships for employees' kids. Now chairman of Dreamworks Animation, both Enrico and CEO Jeffrey Katzenberg are paid a $1 annual salary with no bonus. They have millions of dollars worth of restricted stock, which typically requires executives to stay for certain periods.

* Yahoo chief Terry Semel recently went to a salary of $1. He also was given millions worth of stock options.

* Apple chief Steve Jobs, who has a significant stake in the company's stock, receives a $1 salary and no bonus. In 2003 he gave up his stock options and received restricted shares, valued at $532 million at the time.

Sources: Company filings with the Securities and Exchange Commission; news reports



News stories provided by third parties are not edited by "Site Publication" staff. For suggestions and comments, please click the Contact link at the bottom of this page.

We Recommend