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Article: Delta Air Lines Chief Executive to Leave with $16 Million Pension.
- Article from:
- The Atlanta Journal-Constitution
- Article date:
- November 26, 2003
CopyrightCOPYRIGHT 2003 The Atlanta Journal-Constitution. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Matt Kempner
Nov. 26--Delta Air Lines Chief Executive Leo Mullin worked at the company six years and eight months, but that's not the way it will look when he collects his pension.
Mullin will leave with pension benefits worth about $16 million after getting credit for nearly 29 years of service, or 22 more than he actually worked at the company.
The extra pension credit isn't unusual. Many corporate chiefs have negotiated similar deals when they jumped from one company to another. Mullin's pension credit was fully disclosed when he was hired.
But the practice is another CEO perk being scrutinized by shareholders and employees ...