Delta Cancels ’03 Bonuses for Executives
From Associated Press
Delta Air Lines Inc. is canceling executive bonuses for this year and reconsidering its compensation program for high-ranking officials as it works to allay lingering employee resentment over lavish pay and perks for top executives.
The moves come as the airline seeks salary cuts from its pilots.
Incoming Chief Executive Gerald Grinstein said in a memo to Delta employees that he realized executive compensation was a controversial issue at the company.
Last year, Delta paid about $17 million in bonuses to 60 executives.
Delta shares rose 53 cents to $11.93 on the New York Stock Exchange.
From Associated Press
