Delta Makes Two Survival Moves

Gerald Grinstein, Delta Air Lines' (DAL Quote) CEO, won't be taking home a paycheck for the rest of the year.

The struggling airline's boss told employees Tuesday that he would not be taking his salary for the rest of the year, as part of an announcement outlining management's contribution to Delta's plan to cut labor costs. As of Jan. 1, 2005, all executives, supervisory, administrative and front-line employees will take an across-the-board pay cut of 10% and be forced to pay more for health care.

"In distressed times like these, when everyone must sacrifice, it is especially important that leadership participates, and they have," Grinstein said in a statement to employees. "It is also necessary for me to lead the way. I have declined my salary and will not be paid for the rest of the year." ...