Delta CEO Took Voluntary Pay Cut
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ATLANTA (AP) _ Delta Air Lines chief executive Leo Mullin’s cash compensation dropped 72 percent last year because he volunteered to give up some of his salary and his bonus in the wake of the Sept. 11 attacks.
His pay dropped to $596,250 from $2.145 million in 2000.
Mullin gave up his salary for the last three months of the year as Delta struggled to recover from the economic downturn that followed Sept. 11.
His salary had been set at $795,000 for 2001, so his decision to give up three months’s pay amounted to almost $200,000. His salary was $745,833 in 2000, according to the airline’s proxy statement filed Monday with the Securities and Exchange Commission.
His compensation was also reduced by foregoing a cash bonus in 2001. He had a bonus of $1.4 million the previous year.
Mullin did get common stock in 2001 worth $1.57 million, based on the value at the time of the award, as part of the company’s long-term incentive plan.