03.21.07
Setting a Standard
Came across this story today, about Delta Airlines CEO Gerald Grinstein. He has been working to bring Delta out of Chapter 11 bankruptcy and now that they’re set to do that, he’ll be retiring. Usually when a CEO of a major corporation retires or leaves (or gets fired,) they get blessed with a huge compensation package - the Golden Parachute.
Gerald has bucked the trend. He has refused his compensation package, a sum of about $10 million. Instead, he asked that the funds go to scholarships and hardship assistance for Delta employees, families and retirees - the people who were really affected by the bankruptcy. His statement in the article is wonderful: “Corporate pay packages have gotten out of control.”
I’m not saying that CEOs aren’t worth it. Some are very good and deserve the compensation they receive. Others are lame ducks that deserve to eat dirt.
Thank you, Gerald. You get a gold star.
