Delta Air Lines reveals CEO's compensation

Delta Air Lines Inc., the third-largest U.S. carrier, paid Chief Executive Officer Gerald Grinstein total compensation of $350,143 for 2006.

Grinstein's total included $337,500 in salary, Atlanta-based Delta said Friday in a regulatory filing. His 2005 salary started at $500,000, then was reduced to an annual level of $338,000 as Delta reorganized in bankruptcy.

Grinstein, 74, has been CEO since 2004 and plans to retire in the next few months when Delta's board picks a successor. The airline, which operates a hub at Salt Lake City International Airport, plans to exit bankruptcy today. Total compensation figures in 2006 proxies aren't comparable to figures for earlier years because of changes in U.S. accounting rules.

Four senior executives were paid higher 2006 salaries than Grinstein. Chief Operating Officer James Whitehurst and Chief Financial Officer Edward Bastian were paid salaries of $382,500, while Executive Vice Presidents Glen Hauenstein and Joseph Kolshak were paid $344,256.

Whitehurst and Bastian each will receive restricted shares, options and performance-based shares valued at $8.4 million if Delta hits its 2007 financial targets as part of the airline's reorganization plan. Hauenstein and Kolshak are to receive compensation valued at $6.2 million under the plan.