ATLANTA (AP) — Delta Air Lines Inc.'s chief executive, Richard Anderson, received a 10 percent raise in his pay package in 2011, a year when the company's stock price fell by more than a third.
Anderson's pay package was valued at $8.9 million, up from $8 million in 2010, according to an Associated Press review of a securities filing made Friday.
His salary was unchanged at $600,000 but he received stock awards valued at $7 million, up from $6 million a year earlier. Other items in his pay package — including retirement benefits, home security and performance pay — were mostly unchanged.
Delta and other airlines responded to rising fuel costs in 2011 by cutting flights and raising fares and fees.
Shares of the nation's second biggest airline fell 36 percent in 2011, compared to a 21 percent decline for United Continental Holdings Inc., the No.1 carrier in the nation. The stocks have recovered, with Delta showing a 34 percent gain in the year to date.
United CEO Jeffery Smisek's pay package tripled to $13.4 million, according to a separate filing Friday.
The AP's calculation of executive compensation includes salary, bonuses, perks and the estimated value of stock and stock options awarded during the year. The amount that Anderson or other CEOs eventually get can differ, depending on the performance of the company's stock after awards are granted. Most companies require an executive to wait a certain amount of time before getting stock grants or exercising options.