Now Stealin copies Anderson

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Jan 7, 2004
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DETROIT FREE PRESS

February 14, 2008

By MARGARITA BAUZA

FREE PRESS BUSINESS WRITER

The chief executives of Northwest Airlines and Delta Air Lines said this week that they will voluntarily waive any accelerated compensation if the carriers are involved in a merger.

According to documents filed with the Securities and Exchange Commission Tuesday, Delta CEO Richard Anderson could receive up to $15 million in accelerated compensation -- money tied to the company's stock performance -- if there is a merger.

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The move is viewed as a goodwill gesture to employees and investors.

"He is committed to the culture of employees at Delta Air Lines. He's willing to make decisions in the best long-term interest of the company," said Delta spokeswoman Susan Elliott.

Then on Wednesday, Northwest said CEO Doug Steenland also will forgo any accelerated compensation.

SEC documents show Steenland would walk away with $7.5 million in pay and incentives if Eagan, Minn.-based Northwest were to be acquired. It's unclear, however, what his accelerated compensation would be.

"In the event of a merger involving Northwest Airlines, if Steenland remains with the merged airline in an executive capacity, he will waive any acceleration of compensation that would be triggered by the merger, including the acceleration of vesting dates for restricted stock and stock options," said Northwest spokeswoman Tammy Lee. (SHE JUST COULDN'T BRING HERSELF TO SAY THE $26.6 MILLION PLUS. HE'S HOPING FOR A BIGGER PAY OFF DOWN THE ROAD WHEN THE STOCK PRICE CLIMBS VS. CASHING OUT NOW.)

Northwest, Metro Airport's largest passenger carrier, and Delta are said to be in merger talks. A marriage would create the world's largest airline.

Anderson, who was CEO of Northwest from 2001 to 2004, joined Delta on Sept. 1.
 
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