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Apr 30, 2008 8:48 am US/Central
NWA's Steenland To Get $22M When He Leaves
MINNEAPOLIS (AP) ―
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Doug Steenland, CEO of Northwest Airlines (File)
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.
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