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Apr 30, 2008 8:48 am US/Central

NWA's Steenland To Get $22M When He Leaves

MINNEAPOLIS (AP) ― Northwest Airlines CEO Doug Steenland hauled in compensation worth $27 million last year, but more than two-thirds of that soon evaporated along with the airline's share price.

The airline also said in a regulatory filing that Steenland will get about $22 million when he leaves after Northwest combines with Delta Air Lines. That's up from a previously disclosed package of nearly $8 million.

Steenland's $27-million pay figure from last year includes almost $6 million in stock options granted soon after Northwest emerged from bankruptcy last summer. They're currently worthless because Northwest's share price has plummeted.

The pay figure also includes restricted shares worth $18 million when they were granted, but which are worth only about $5 million now.


(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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