Delta Air Lines Inc. reduced 2003 cash compensation for Leo Mullin, who stepped down as chief executive officer at the end of the year, by 59 percent to $1.17 million.
Mullin, whose 2002 pay was criticized by members of Congress and some employees, received $639,313 in salary last year, down from $795,000 the previous year. He wasn't awarded a bonus for 2003, after getting $1.4 million the previous year. His total cash compensation for 2002 was $2.85 million.
Mullin, 61, said in November that he would retire early and yield the CEO post to board member Gerald Grinstein. Mullin will retain the chairman post until Atlanta-based Delta's annual meeting on April 23. His pay for 2002 came under criticism last year as airlines sought U.S. aid and cost cuts from employees.
Last April, Mullin agreed to give up a $2.03 million restricted-stock award and 450,000 of his 963,000 options to buy Delta shares, to accept a lower salary and to forgo a bonus for 2003. Before those reductions, Mullin's 2002 pay package totaled $12.9 million. His pay for 2003 was $3.06 million, including options for 400,000 shares that Delta valued at $1.89 million.
Delta, the third-largest U.S. airline, had $3.3 billion in net losses during the past three years, including $773 million last year. The company's shares declined 2.4 percent last year.