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Delta Execs say "We get NO bonus..." article

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General Lee

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Aug 24, 2002
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UPDATE 1-Delta execs say no change to '09 base pay

Wed Apr 29, 2009 5:28pm EDT


ATLANTA, April 29 (Reuters) - Delta Air Lines Inc's chief executive and president said on Wednesday that their base pay did not change in 2008 and will not change this year.
In a memo to employees filed with the U.S. Securities and Exchange Commission, the executives at the world's biggest airline also said they did not earn a bonus for last year.
In the memo, coming ahead of the carrier's annual proxy filing expected on Thursday, CEO Richard Anderson and President Ed Bastian said that outside of base pay and benefits, about 85 percent of their ongoing compensation was based on Delta's stock increasing over time, and paying profit-sharing to employees.
"For example, since Delta was not profitable in 2008 and you did not receive a profit-sharing payment, we did not earn a bonus under the annual cash incentive plan," the executives said in the memo.
Still, the executives noted that the proxy will report special stock awards tied to the carrier's emergence from bankruptcy in 2007 and the merger with Northwest last year. The memo said "awards for us and the rest of the executive team were restricted and had no immediate value to us." They did not give details on the size of the special stock awards.
The memo added that 2008 take-home pay was $2.5 million for Anderson and $5.2 million for Bastian. It noted that the take-home pay amounts included cash and benefits plus the value of vested stock. (Reporting by Karen Jacobs; editing by Carol Bishopric)



Looks like they still did well on take home pay, but could have had more I guess.


Bye Bye--General Lee
 
They don't need a bonus when they make $2.5 million and $5.2 million. That's like winning the lottery for the average American and that is just one years worth of salary. Their long term stock options are worth even more.

If I were on a corporate board I would suggest that when the company post losses for the year, all executives get paid 1.5X what the highest paid non-executive employee was paid that year. When the company makes money, I have no problem with executives making money. Next year I hope Delta makes a billion dollars and both Richard and Ed get twice what they got this year.
 
I would like to volunteer to trade pay for a year or two with any of those execs! I get bonuses in my present job now!!! They could keep my entire bonus, hell-I would even throw in my car if I could trade base pay ( I would even do this deal for 1/3 base pay!!)

-I like truckdriver's idea. Performance-based pay would be awesome!! RA and Steenland wouldn't last a freaking week under such a system, though. Kinda hard to make an airline perform well with such poor decisions time after time after time....

-BTW-How is Africa doing these days, Gen? Making money like the mint still-yep?? Just as long as those LBB bucks keep rolling in, you all should be making a profit any day now.
 
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Glenn Tilton’s Pay Increased Nearly 20 Percent

Late Friday night United released its proxy statement including detail of executive pay for 2008. Tilton received $1.7 million for the 2008 year, an increase of 19.2 percent over his compensation for 2007. Tilton’s base pay remained at $850,000 for the year, but his ”incentive” bonus was increased from $422,425 for 2007 to $695,640 for 2008. An additional $157,057 in compensation including retirement contributions and other items rounds the total out to a cool $1.7 million. In addition, United adopted a new bonus program that awarded Tilton 275,000 restricted stock units and options on 400,000 shares. The award begins vesting in less than a year on
April 1, 2010.
 
Did the CEO of Song get a bonus? With the damage that Song did to Air Tran and JetBlue, there's no way that the CEO didn't get tens of millions in bonus cash.
 
Remember that these guys were paid a lot more two years ago, add to it that at least half of this goes to taxes.
IMHO it is not that bad.
 
Remember that these guys were paid a lot more two years ago, add to it that at least half of this goes to taxes.
IMHO it is not that bad.

Your kidding right? please tell me you are.

Weren't you paid ALOT more a couple years back also?
And who gives a dog doodoo how much taxes these schmo's pay. Are you worried they won't have enough to eat with?
 
Your kidding right? please tell me you are.

Weren't you paid ALOT more a couple years back also?
And who gives a dog doodoo how much taxes these schmo's pay. Are you worried they won't have enough to eat with?


Not at all, but 3-5 mil a year is actually not a lot considering we are a 40-45 billion dollar a year company.
Companies with revenues in that range generally can triple executive compensation from those levels. That was the point.
And his pay was a lot more last year. I will give you a hint, add 10 mill to it.
 
The gesture is still good. In this world of corporate greed, it's nice to see atleast something of the nature.

I'm sure that if they wanted to, i.e. Tilton, they could've taken alot more.
 
Remember that these guys were paid a lot more two years ago, add to it that at least half of this goes to taxes.
IMHO it is not that bad.


Just an FYI, standard senior executive comp packages generally include an income tax "true up" these days. I'd bet the figure you're seeing is take home.
 

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