Interesting how a psuedo-symbolic 10% pay cut nearly doubles his take home pay...
Meanwhile, my stock options are worth a whopping -$21,936.85. Yup, I'd have to cut a check!
Delta CEO Mullin gets $13 mln pay package for 2002
March 25, 2003 11:10:44 (ET)
NEW YORK, March 25 (Reuters) - Delta Air Lines Inc.
(DAL,Trade), which last year posted a $1.27 billion net loss, in
2002 awarded Chairman and Chief Executive Leo Mullin a pay
package worth about $13 million, more than twice what he
received in 2001.
Much of the package was in the form of options to buy 963,000
shares of stock, worth about $8.21 million at the time of the grant
dates, according to a proxy statement filed with the U.S.
Securities and Exchange Commission. Mullin became CEO of
the No. 3 U.S. carrier in August 1997 and chairman in October
1999.
Mullin last year also received a salary of $795,000, a $1.4
million bonus, $2.03 million of restricted stock, $456,066 of long-
term incentive payments, and $84,834 of other compensation,
according to the proxy filing.
Mullin's pay package totaled about $6.21 million in 2001,
including $4.02 million in stock options but no bonus, Delta's
proxy filing from last year showed.
Delta's (DAL,Trade) compensation committee determined
Mullin's 2002 pay package after considering his performance
and executive compensation at other big U.S. airlines, among
other factors, the filing said.
Delta, which is based in Atlanta, said on Monday it is temporarily
cutting about 12 percent of flights due to reduced passenger
demand because of the Iraq war.
Mullin reduced his salary by 10 percent effective March 1 "to
demonstrate his commitment to share the burden of Delta's cost
reduction goals," the filing said.
In its annual report, also filed with the SEC on Tuesday, Delta
said it had about $1.9 billion of cash and equivalents as of Feb.
28. It said it expects 2003 operating cash flow to be sufficient to
fund operations and non-fleet capital expenses.
Delta's proxy filing also showed that Chief Operating Officer
Frederick Reid received a $4.52 million pay package in 2002,
including $2.23 million in stock options, while Chief Financial
Officer M. Michele Burns received about $3.1 million, including
$1.59 million in stock options.
Meanwhile, my stock options are worth a whopping -$21,936.85. Yup, I'd have to cut a check!
Delta CEO Mullin gets $13 mln pay package for 2002
March 25, 2003 11:10:44 (ET)
NEW YORK, March 25 (Reuters) - Delta Air Lines Inc.
(DAL,Trade), which last year posted a $1.27 billion net loss, in
2002 awarded Chairman and Chief Executive Leo Mullin a pay
package worth about $13 million, more than twice what he
received in 2001.
Much of the package was in the form of options to buy 963,000
shares of stock, worth about $8.21 million at the time of the grant
dates, according to a proxy statement filed with the U.S.
Securities and Exchange Commission. Mullin became CEO of
the No. 3 U.S. carrier in August 1997 and chairman in October
1999.
Mullin last year also received a salary of $795,000, a $1.4
million bonus, $2.03 million of restricted stock, $456,066 of long-
term incentive payments, and $84,834 of other compensation,
according to the proxy filing.
Mullin's pay package totaled about $6.21 million in 2001,
including $4.02 million in stock options but no bonus, Delta's
proxy filing from last year showed.
Delta's (DAL,Trade) compensation committee determined
Mullin's 2002 pay package after considering his performance
and executive compensation at other big U.S. airlines, among
other factors, the filing said.
Delta, which is based in Atlanta, said on Monday it is temporarily
cutting about 12 percent of flights due to reduced passenger
demand because of the Iraq war.
Mullin reduced his salary by 10 percent effective March 1 "to
demonstrate his commitment to share the burden of Delta's cost
reduction goals," the filing said.
In its annual report, also filed with the SEC on Tuesday, Delta
said it had about $1.9 billion of cash and equivalents as of Feb.
28. It said it expects 2003 operating cash flow to be sufficient to
fund operations and non-fleet capital expenses.
Delta's proxy filing also showed that Chief Operating Officer
Frederick Reid received a $4.52 million pay package in 2002,
including $2.23 million in stock options, while Chief Financial
Officer M. Michele Burns received about $3.1 million, including
$1.59 million in stock options.
