Hollis Loyd Harris served as President and COO of Delta Air Lines (1987-1990) and Chairman, President, and CEO of Continental Airlines (1990-1991), Air Canada (1992-1996), and World Airways (1999-2004). Grinstein also set about regaining the trust and confidence of Delta's employees. Built in 1941, the Evergreen Point Road mansion once was home to former SuperSonics star Jack Sikma. The bottom 50% includes 64.3 million families, with 13.4 million of these families having a negative net worth. During Delta's bankruptcy, Grinstein and his management team accelerated the restructuring process that they had started in 2004. After overseeing the firm's survival through bankruptcy and implementing a . of 1,500 shares made by Timothy Joseph Tynan We'll focus on the median and average net worth figures for different age groups: Age of head of family. He was succeeded by Richard Anderson, a former Northwest Airlines executive. Picture a young-end Baby Boomer as a throwback to Seattle's civic lions, circa 1962. Browse 63 gerald grinstein stock photos and images available or start a new search to explore more stock photos and images. "That was a 10 percent raise!". His father, Gerald Grinstein, is a former CEO of . He was focused, effective, and (and I mean this) understated. , [1] In this position he helped form the corporate entity that resulted in BN's merger which formed the BNSF Railway. Sources: Latest available company proxy statements; FT Interactive Data via FactSet Research Systems; Hemscott, Inc.(www.hemscottdata.com). To calculate your net worth, take inventory of what you own, as well as your outstanding debt. Friends and business associates said Monday they were struggling to cope with the news of his sudden death. It was an improvement over the first quarter of 2003, when Delta reported $466 million in losses as the Iraq war kicked off and the SARS outbreak in Asia caused international travel to plummet . Gerald's mailing address filed with the SEC is DELTA AIR LINES, INC., P.O. We note that Apple's Net worth is $134.05 billion, and that of Amazon is $19.2 billion. He was CEO of Burlington Northern Railroad from 1985 to 1995, and joined Delta's board of directors in 1987. . In the meantime, the Grinsteins are renting a home nearby. Delta shed non-performing assets, slashed the mainline fleet from nine models to five, and shed thousands of jobs. You can see the complete history of Gerald Grinstein stock trades at the bottom of the page. Other recent insider transactions involving The Brink's Co (BCO) include Grinstein and his wife Carolyn live in Medina, Washington. George Washington's salary of $25,000 was . Delta expects to cut net debt by more than half to $7.6 billion at the end of 2007 from . He was CEO of Burlington Northern Railroad from 1985 to 1995, and joined Delta's board of directors in 1987. a net The company's history began with the world's first aerial crop dusting operation called Huff Daland Dusters Inc., founded in 1925 in Macon, Georgia to combat the boll weevil infestation of cotton crops. 4Less than 0.01%. The Bottom Line. Grinstein appointed new executives to Delta who assisted in the company's survival despite the airline's precarious financial position. The 72 year old executive ranks 12 within Transportation Chief executive . BOX 20574, ATLANTA, GA, 30320. Daniel Allen 'Dan' Carp is the former chairman and chief executive officer of the Eastman Kodak Company. He reduced his own pay by 25%, to approximately $325,000 per year. He is the former non-executive chairman of Agilent Technologies and former chairman and CEO of Burlington Northern Inc. (BNI), where he oversaw the companys acquisition of Santa Fe Pacific Corporation, which created the nations largest railroad. Delta's restructuring is projected to more than halve its net debt to $7.6 billion at the end of 2007 from $16.9 billion at June 30, 2005, it said. Median net worth . The current estimated net worth of Delta Air Lines Inc's Chief Executive Officer, Gerald Grinstein, is estimated to be about $883.35K .Gerald Grinstein owns . In November 2006, US Airways launched an unsolicited hostile takeover bid for Delta, which Grinstein and his executive team led by Jim Whitehurst and Edward Bastian defeated by supporting the employee-led "Keep Delta My Delta" campaign. V.P. purchase It is important to find the opening and closing net worth using the same asset value . Mr. Grinstein is a co-founder of Madrona Venture Group. He took over as CEO in 2004, when Delta was in a deep financial crisis, after CEO Leo F. Mullin stepped down amid a controversy over executive retirement and cash bonus plans that were deemed excessive. Enjoy a 7-Day Free Trial Thru Mar 11, 2023! 30, 2006 stock price. Gerald Grinstein is the director & Chief Executive Officer of Delta Air Lines Inc. OFFICER John N Rich ", William Ruckelshaus, Gerald Grinstein celebrate 80th birthdays with salmon-fishing trip | The Seattle Times, https://en.wikipedia.org/w/index.php?title=Gerald_Grinstein&oldid=1078844912, This page was last edited on 23 March 2022, at 16:58. On October 1, 2010, UCH, formerly UAL Corporation, announced completion of the merger. Bressler continued as chairman of Burlington Northern and Burlington Resources, while Gerald Grinstein, who had been vice-chairman of both companies, became Burlington Northern ' s president and chief executive officer in 1989. The analogy sounded a little too simple. This website uses cookies to improve your experience while you navigate through the website. In 2003, much to his surprise, the state's revenue agency presented him with a bill for $25 million, including penalties and interest, for the previous four years' worth of art purchases. Under Review. Thanks to your hard work and dedicated efforts, we garnered an unprecedented amount of support for reforming U.S. development from businesses, NGOs, think tanks, prominent individuals, Continue reading 200 + Signatories on MFAN's . Jerry returned to Madrona as a strategic director in late 2007 after a leave of absence serving as CEO of Delta Air Lines for almost four years. 10Includes shares indirectly held. (Burlington Northern CEO Gerald Grinstein) (The Competitors) (Cover Story) (Interview). ATLANTA Gerald Grinstein took the helm of Delta Air Lines at an age when many chief executives have given up the corner office for leisurely days of fly fishing or . He is the former non-executive chairman of Agilent Technologies, and former chairman and CEO of Burlington Northern (BNI), where he oversaw. (Gerald Grinstein says)(Brief Article). of 17,976 shares. However, their market capitalization Market Capitalization Market capitalization is the market value of a company's outstanding shares. The company emerged from bankruptcy on December 9, 2013, and at the same time announced that it would merge with US Airways Group to form a new company, American Airlines Group. , ", "Delta Air Lines needs to cut costs, says CEO. He and his wife have lived there while overseeing work on their nearly finished $65 million estate a few blocks away. California Weighs $360,000 in Reparations to Eligible Black Residents. a net UAL held a 100 percent controlling interest in United Airlines, Inc., one of the world's largest air carriers, and is a founding member of the Star Alliance. Delta Air Service was incorporated on December 3, 1928, and named after the Mississippi Delta region. At the time of the bankruptcy filing, Delta's total debt was approximately $23.8 billion. By using this website, you agree to our use of cookies. Analysts predicted a loss of $4.76 a share excluding special items. Peter Jackson is the former editorial-page editor of the Everett Herald. [4] Grinstein embarked on a number of cost-cutting measures, including a major out-of-court restructuring of the company's long term debt and outsourcing of some heavy aircraft maintenance and ramp handling operations. of 350,919 shares. Delta entered more than 50 new international markets between 2005 and 2007 and since its merger with Northwest Airlines in 2008 has become the world's largest carrier. a net Sanjay Gupta's net worth is $12 million. Re: BNSF "Gerald Grinstein" business car. Gerald Ronson is from British. and Gurus may be added or dropped from the GuruFocus site at any time. This paint scheme was later applied to the railroad's last order for locomotives before the merger, the EMD SD70MAC. of 57,951 shares made by Harrie Schippers It has three transcontinental routes that provide rail connections between the western and eastern United States. Mr. Grinstein serves as a Member of the Board at Regents of the University of Washington, Trustee of the Henry M. Jackson Foundation, and Board member of Long Live the Kings, University of Washington Foundation, University of Washington Medical Center, Foster School of Business, and the William D. Ruckelshuas Center. sale US Airways was a major U.S. airline that operated from 1937 until its merger with American Airlines in 2015. 2Four-year total. Even today, this paint scheme is simply referred to as either "Grinstein" or "Executive" paint and many of the SD70MACs on the roster still sport this scheme. Keith moved on to Georgetown Law School and an inspired career in telecommunications and venture capital, the kind of work where a 10 percent raise carries a bit more oomph. , Net worth is the total of one's assets minus total liabilities. 2023 Cascade Public Media. Grinstein received the Railroader of the Year award in 1996. Mr. Grinstein enjoyed traveling and flying several small airplanes that he owned. Total returns and value of stock owned (including all classes) is based on Mar. Burlington Northern operated between 1970 and 1996. BNSF trains traveled over 169million miles in 2010, more than any other North American railroad. Even before that, every president has been paid well. Anderson inherited an angry board of directors and impatient . Hurricane Katrina resulted in a dramatic spike in jet fuel prices in Atlanta, which houses Delta's largest hub operation. , Delta Air Lines is a major American airline. [6], Grinstein retired in the summer of 2007,[7] allocating his bankruptcy emergence stock grants to establish a scholarship fund for Delta employees and their children and a hardship fund for Delta families. "We aren't sure what we will do with it," she said. why is accuracy important in customer service. Paccar Financial Services provides retail and wholesale financing for customers and dealers, respectively. These cookies do not store any personal information. A co-founder of Madrona Investment Group, Jerry served on the board of portfolio company Expedia.com. Gerald Grinstein. He became CEO of Delta in 2004, a time of financial crisis for the airline. Gerald Grinstein Net Worth 2022 and insider trades. On the first anniversary of Russia's invasion, dozens gathered at St. Johns Episcopal Church to honor the lives lost. 3 U.S. domestic carrier, on Monday emerged from Chapter 11 bankruptcy protection . 4. (Rob Krebs, president and CEO of Burlington Northern Santa Fe Corp., and former head of Santa Fe prior to the merger; Jerry Grinstein, retired chairman of Burlington Northern Santa Fe Corp.)(Cover Story). When Western Airlines and Delta Air Lines, Inc. of Atlanta, Georgia merged in 1987, Grinstein, CEO of Western since 1985, was appointed to Delta's Board of Directors and has remained on the board since then. In November 2006, US Airways launched an unsolicited hostile takeover bid for Delta, which Grinstein and his executive team led by Jim Whitehurst and Edward Bastian defeated by supporting the employee-led "Keep Delta My Delta" campaign. sale The route network covered destinations in 47 states, as well as international destinations. By 2007, Delta's mainline operation employed approximately 47,000, down from a high of 78,000 in 2001. Total compensation for each chief executive includes the following: salary and bonuses; other compensation, such as vested restricted stock grants, LTIP payouts and perks; and stock gains, the value realized by exercising stock options. Gerald Grinstein made a net Most recently Gerald bought 1,000 units of DAL stock worth $21,750 on 3 May 2007. Keith Grinstein, a 1978 graduate of Seattles Lakeside School, earned a bachelors degree from Yale University and a law degree from Georgetown. ", "DELTA IN TRANSITION\ MULLIN ERA COMES TO A SURPRISE CLOSE.(Business). Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". Picture a young-end Baby Boomer as a throwback to . And he thrives.". He became CEO of Delta in 2004, a time of financial crisis for the airline. Among his survivors are his wife, Claire, his parents and his brother, Charles. ", "Congress Looks at Possible Delta-US Air Merger. He sought to maintain communication with the Delta Board Council and with representatives of frontline employees. Keith Grinstein wheeled and dealt as a high-powered lawyer and executive who earned his spot at the top of Seattle's high-tech and . The Grinsteins have had their eye on the mansion for quite a while. From 1985 to 1995 Grinstein was CEO of Burlington Northern Railroad (BN). When he is not at work, you may find him sneaking off to fly fish or trying a new restaurant. He ended his service to Delta by retiring from his position as CEO in 2003, and as chairman of the board in 2004. On Thursday June 27, 2019 United changed the name of its parent company from United Continental Holdings to United Airlines Holdings. Previous to Gerald's current city of Seattle, WA, Gerald Grinstein lived in Atlanta GA and Medina WA. NA: Not available or not applicable. What is Gerald Grinstein's Net Worth? Mr. Grinstein died unexpectedly Sunday (Sept. 28) of an undisclosed cause. Grinstein also oversaw a major restructuring of Delta's network footprint, closing the airline's DallasFort Worth hub and cutting domestic flight schedules across the remaining hubs in an effort to redeploy aircraft and personnel to more profitable international markets. "Until we create an independently supported black institution, a financial safety net, for those . Gerald has made over 1 trades of the Delta Air Lines stock since 2007, according to the Form 4 filled with the SEC. As of 3 May 2007 Gerald still owns at least 1,000 units of Delta Air Lines stock. Gerald Grinstein Net Worth (2022) | wallmine Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Longtime friend Nick Hanauer Keith Grinstein was such a ubiquitous Seattle business figure that it often seemed as if he knew everyone. The company's only surviving airline, Pinnacle, became Endeavor Air. EVP & Chief Financial Officer Kurt B Mcmaken Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. ", "Delta Air Lines needs to cut costs, says CEO. Edward H. Bastian is an American business executive. Gerald (Jerry) Grinstein returned to Madrona as a strategic director in late 2007 after a leave of absence serving as CEO of Delta Air Lines for almost four years. The car was built by Budd in 1952 as a business car for the Chicago, Burlington & Quincy RR. purchase Things didn't work out as Grinstein had hoped. It's a "what if" that only magnifies the grief, the break of a generational thread that can't be mended. Past performance is a poor indicator of future performance. . "Until we create an independently supported black institution, a financial safety net, for those . 51.5 million families are in this group. Lyn Grinstein politely declined to say how much the house will cost. In Fort Worth, The Civilized West, . They lived just across the street for years before moving to Fort Worth, Texas, home of Burlington Northern's headquarters. 1470: BNSF 1: Gerald Grinstein: Budd: 1952: Business 2 suites, Buffet, w/kitchen lounge: ex-CB&Q: 1471: BNSF 4: Missouri River: Pullman: 1955: Business 2 suites . Gerald Grinstein Total Compensation $0.45 mil (#490) 5-Year Compensation Total NA Gerald Grinstein has been CEO of Delta Air Lines for 2 years. sale Longtime friend Nick Hanauer, with whom he started the Seattle venture-capital fund Second Avenue Partners, called Mr. Grinstein a walking Rolodex., He loved to talk and tell jokes and he may have been the funniest guy in Seattle, Hanauer said. 8Received options or restricted stock in lieu of portion of salary. The largest trade Gerald's ever made was buying 1,000 units of Delta Air Lines stock on 3 May 2007 worth over $21,750. Northwest also performed worse than expected, losing $5.07 a . No matter what the situation was, he could always find the light side.. Delta Air Lines executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. and BNSF 1 Gerald Grinstein - (SLIDER JAKE) BNSF 1 Gerald Grinstein - (THE RAILFAN.NET USERNET ABPR PHOTO ARCHIVES) BNSF 1 Gerald Grinstein - (THE RAILFAN.NET USERNET ABPR PHOTO ARCHIVES) BNSF 1 Gerald Grinstein - (J. He is very patriotic when it comes to his business and personal life. , I continued pressing. Named for its creator, "Grinstein Green" was applied to the train's F-units along with a cream colored stripe down the middle. Every Sunday morning, Crosscut's weekly email sums up the best stories of the week. Hurricane Katrina resulted in a dramatic spike in jet fuel prices in Atlanta, which houses Delta's largest hub operation. GuruFocus.com is not operated by a broker or a dealer. Delta Air Lines Inc is airlines, with a network of over 300 destinations in more than 50 countries. ", "DELTA IN TRANSITION\ MULLIN ERA COMES TO A SURPRISE CLOSE.(Business). His new salary was set at $17,600. This category only includes cookies that ensures basic functionalities and security features of the website. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. of 0 shares. From 80 years of age and forward, the average net worth is $973,141 and the median is $235,193. It was humbling. He became CEO of Delta in 2004, a time of financial crisis for the airline. During Delta's bankruptcy, Grinstein and his management team accelerated the restructuring process that they had started in 2004. A friend recalls a good guy of the dot-com generation of executives, a dynamo who knew the importance of living in the now. Then you get to live here.. It merged with America West Holdings Corporation, parent of America West Airlines, in 2005, and the combined company adopted the better-known US Airways name; the two airlines' operating certificates merged in 2007. 74th St., Redmond, WA 98052, or another charity. Jerry is a founding partner of Harkness Capital and a Board Advisor to Kane is Able. 5Prior-year data. For example, if someone owes more than the total value of their assets, they have a negative net worth. He led Delta during one of the most tumultuous periods in aviation history, beginning in 1997, just as airlines were struggling to emerge from the economic crises of the early 1990s. a net (Burlington Northern CEO Gerald Grinstein) (The Competitors) (Cover Story) (Interview). According to author Harry Nolan, Harris led the latter three airlines "out of the turbulence of financial instability toward profitability." For Mr. Grinsteins 40th birthday, Second Avenue filmed a 10-minute video featuring short interviews with local business people. EVP-Chief Cust Experience Offr Allison C Ausband Prior to joining BNI, he held positions including chairman and CEO of Western Airlines, partner in the law firm Preston, Torgrimson, Ellis & Hollman, chief counsel to the United States Senate Commerce Committee, counsel to the Merchant Marine & Transportation Subcommittee, and administrative assistant to U.S. The estimated Net Worth of Gerald Grinstein is at least $39 Tysic dollars as of 3 May 2007. 7Less than $100,000. "Some of our most successful entrepreneurs are really . Carp served as the chairman of the board of Delta Air Lines, replacing former chairman Gerald Grinstein. Stock quotes provided by InterActive Data. The company filed for bankruptcy protection under Chapter 11 in 2012 and emerged from Chapter 11 in 2013 as a wholly owned subsidiary of Delta Air Lines. Footnotes: He was the President at IBM and chair of the board at Red Hat, and previously Chief Executive Officer at Red Hat and Chief Operating Officer at Delta Air Lines. HOME PAGE FOR THE WORLD'S BUSINESS LEADERS. When calculating net worth, it may be a positive or negative number. Gerald ("Jerry") Grinstein (born 1932) is an American businessman, the former Chief Executive Officer (CEO) of Delta Air Lines.He was CEO of Burlington Northern Railroad from 1985 to 1995, and joined Delta's board of directors in 1987. Wherever he landed in life or career, Keith was bound to a legacy of service. He previously served as the Chief Executive Officer of Delta Air Lines from 2004 - 2007 and as Non-Executive Chairman of Delta Air Lines Inc.'s Board of Directors from 1997 - 1999. , Calculating net worth is one way to gauge financial health. From the average net worth, as compared to the median net worth, for each age group, it's apparent that the median net worth may be a more standardizing financial metric to use to analyze net worth by age in the U.S. "We might remodel, we might start over again. Bressler retired in 1990, and Grinstein assumed the additional post of chairman. Ranks are given only to chief executives who have a six-year tenure and six-year compensation history. "Michael Jordan," Keith said. Some of our most successful entrepreneurs are really inventors at heart. William Douglas Parker is an American businessman who is the current Chairman and CEO of American Airlines Group, Inc., the parent company of American Airlines. [8], ""Our rhetoric was terrific, but the performance wasn't there." Its trucks are sold through over 2,300 independent dealers globally. Though environmentalists would like to cite him as an example of big business concern for the environment, he says . Along the way, he seemed to breathe life into a line from Theodore Roethke's The Waking: "I learn by going where I have to go." So when Gerald Grinstein retired last year and headed back to Seattle, he struck a deal with Gates. You must have JavaScript enabled to use this form. Mr. Grinstein grew up in a prominent Seattle family. Bar: District of Columbia, Washington. Wise counsel from a wise man: Do one thing well. Controller Michael E Sweeney How federal weed legalization would impact Washington state, ArtSEA: Bronze books in Bellevue and a rush of Seattle readings, The egg shortage won't end anytime soon. Gerald Grinstein owns over 1,000 units of Delta Air Lines stock worth over $39,030 and over the last 19 years Gerald sold DAL stock worth over $0. Oil Producers Hand $128 Billionto Investors as Doubts Grow About Future of Fossil Fuels, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows. You also have the option to opt-out of these cookies. He reduced his own pay by 25%, to approximately $325,000 per year. On average, Delta Air Lines executives and independent directors trade stock every 20 days with the average trade being worth of $4,340,244. Amy Martinez: 206-464-2923 or amartinez@seattletimes.com, Fire on Lake City Way in Seattle raises smoke, flooding concerns, WA to end masking requirement in health care, correctional facilities, Tacoma woman refusing tuberculosis treatment continues to face arrest, Be bolder to get light rail done, expert panel tells Sound Transit, Driver makes U-turn, hits pedestrian near Pioneer Square, police say. A Seattle native, Jerry is a graduate of Yale University and Harvard Law School. Too many, however, have boosted vanity projects or expressed do-gooderism as an extension of themselves. Thomas W. Horton is a partner of Global Infrastructure Partners and is lead director at Walmart Inc. and General Electric Corp. United Airlines is the third largest airline in the world, with 86,852 employees and 721 aircraft. Mr. Grinstein has been with the company for one year . a net Bill Gates bought the place from Sikma in 1993 for $8 million. of 5,120 shares made by Rohan Pal All Rights Reserved. Gerald Grinstein owns over 1,000 units of Delta Air Lines stock worth over $32,120 and over the last 19 years Gerald sold DAL stock worth over $0.
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