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Gerald Grinstein, the CEO of Delta Airlines, will be the recipient of the Professional Convention Management Association’s Chairman’s Award, which will be given out at PCMA’s 2008 Annual Meeting, January 13-16 at the Washington State Convention & Trade Center in Seattle. The recognition of Grinstein indicates the importance of the health of the airline industry to meeting planners—Grinstein came out of retirement in 2004 and successfully enabled Delta Airlines to get back on its feet, restoring the trust of its employees, providing a positive example of corporate responsibility and preserving healthy competition in the airline industry for millions of business and leisure travelers.

Grinstein previously worked in the airline and railroad industries, serving as Chairman and Chief Executive Officer of Burlington Northern Inc. (the position he retired from in 2004)., as well as Chief Executive Officer of Western Airlines. It was through Western that he began his involvement with Delta, overseeing a merger between the two airlines in 1987 and joining Delta’s Board – a role he held until during his first "retirement." In the Fall of 2007, at the age of 75, Grinstein’s retired from Delta.

When Grinstein stepped from Delta’s Board of Directors to the CEO job, Delta was in financial crisis and employees were protesting executive retirement and cash bonus plans that were deemed excessive. Grinstein set about to regain the trust of rank and file employees, for one granting himself a modest CEO salary – a small fraction of what most CEOs earn - with no bonuses or stock options

Despite other aggressive cost-cutting measures, Delta had to file for Chapter 11 bankruptcy in 2005. Grinstein used that time to accelerate the company’s restructuring process, re-shape Delta’s flight network and expand into more profitable international markets. Also during bankruptcy, Grinstein fended off an unsolicited takeover bid by US Airways and accepted a 30 percent salary cut, setting a refreshing example amid the storm and controversy surrounding airline executive pay and CEO compensation, generally.

When Delta successfully emerged from bankruptcy in April of 2007, it was both financially sound and well-poised for the future. Employee morale is high, international expansion is continuing (allowing the company to post in Q3 ’07 its highest quarterly revenue in company history), and its safety and environmental efforts are winning accolades.

What’s more, Grinstein announced that he would not accept any post-bankruptcy cash or stock bonuses – which were expected to net close to $10 million. Instead, he asked Delta to invest that money into scholarships and emergency hardship assistance for employees and retirees.

"Despite perilous financial challenges, Mr. Grinstein always placed customers and employees before himself," said Deborah Sexton, President and CEO, PCMA. "He left Delta a far better organization, and for the rest of us in the industry, a crucial partner in ensuring convenient and affordable air travel for meeting travelers around the world."

The PCMA’s Chairman’s Award honors individuals who have made a difference in the meetings and convention industry or who have contributed in a positive way to the travel industry. The recipient is selected by the PCMA Chairman of the Board.

Last year’s winner was Jonathan Tisch, Co-Chairman of Loews Corporation. In 2005, an exception was made to honor the entire staffs at the New Orleans CVB, the Houston CVB and the Mississippi Gulf Coast CVB in the wake of Hurricane Katrina. Grinstein will be honored at the 2008 PCMA Meeting during the Closing General Session on Wednesday, January 16, immediately before Keynote Speaker Robert F. Kennedy Jr. takes the stage.