Delta CEO gets $13 million pay package for 2002 NEW YORK (Reuters) =97 Delta Air Lines, which last year posted a $1.27=20 billion net loss, in 2002 awarded Chairman and Chief Executive Leo Mullin a= =20 pay package worth about $13 million, more than twice what he received in=20 2001. Much of the package was in the form of options to buy 963,000 shares= =20 of stock, worth about $8.21 million at the time of the grant dates,=20 according to a proxy statement filed with the U.S. Securities and Exchange= =20 Commission. Mullin became CEO of the No. 3 U.S. carrier in August 1997 and= =20 chairman in October 1999. Mullin last year also received a salary of=20 $795,000, a $1.4 million bonus, $2.03 million of restricted stock, $456,066= =20 of long-term incentive payments, and $84,834 of other compensation,=20 according to the proxy filing. Mullin's pay package totaled about $6.21=20 million in 2001, including $4.02 million in stock options but no bonus,=20 Delta's proxy filing from last year showed. Delta's compensation committee= =20 determined Mullin's 2002 pay package after considering his performance and= =20 executive compensation at other big U.S. airlines, among other factors, the= =20 filing said. Delta, which is based in Atlanta, said on Monday it is temporarily cutting= =20 about 12% of flights due to reduced passenger demand because of the Iraq=20 war. Mullin reduced his salary by 10% effective March 1 "to demonstrate his= =20 commitment to share the burden of Delta's cost reduction goals," the filing= =20 said. In its annual report, also filed with the SEC on Tuesday, Delta said= =20 it had about $1.9 billion of cash and equivalents as of Feb. 28. It said it= =20 expects 2003 operating cash flow to be sufficient to fund operations and=20 non-fleet capital expenses. Delta's proxy filing also showed that Chief=20 Operating Officer Frederick Reid received a $4.52 million pay package in=20 2002, including $2.23 million in stock options, while Chief Financial=20 Officer M. Michele Burns received about $3.1 million, including $1.59=20 million in stock options. *************************************************** The owner of Roger's Trinbago Site/TnTisland.com Roj (Roger James) escape email mailto:ejames@xxxxxxxxx Trinbago site: www.tntisland.com Carib Brass Ctn site www.tntisland.com/caribbeanbrassconnection/ Steel Expressions www.mts.net/~ejames/se/ Site of the Week: http://www.thehummingbirdonline.com TnT Webdirectory: http://search.co.tt *********************************************************