For more information, please contact Sandy Eitel at 312.423.7271 or seitel@pcma.org.

Former Delta CEO Gerald Grinstein to Be Honored With PCMA'S Chairman's Award
1/3/2008

CHICAGO, January 3, 2008 - Some people start new hobbies after they retire. Others take the opportunity to travel more. And then there's Gerald Grinstein - who came out of retirement in 2004 to get Delta Airlines back on its feet, restoring the trust of its employees, providing a positive example of corporate responsibility and CEO pay, and preserving healthy competition in the airline industry for millions of business and leisure travelers.

In recognition of his exemplary work and selfless dedication, the Professional Convention Management Association (PCMA) has selected Grinstein to receive its prestigious 2007 Chairman's Award. Just months after his second retirement, Grinstein will be honored in person at PCMA's 2008 Annual Meeting, January 13-16 in Seattle.

"At a time when the airline industry continues to be pressured on all sides by fuel costs, labor disputes, customer satisfaction and security concerns, Mr. Grinstein has set an example above and beyond his peers," said Sharon DelaBarre, CMP, PCMA Chairman of the Board and Owner of DelaBarre & Associates, Inc. "He could have ignored the problems within the industry and Delta specifically, but instead rolled up his sleeves and went to work. I can't say enough about the strength of his leadership, not to mention the positive example it has set for the rest of the airline industry."

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% cut from his already modest salary, 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 this year, 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, PCMA President and CEO. "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."

Each year since 1986, PCMA's Chairman's Award has honored an individual who has made a difference in the meetings and convention industry or who has contributed in a positive way to setting a course that will positively affect 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 Missippippi Gulf Coast CVB in the wake of Hurricane Katrina.

Grinstein previously worked in the airline and railroad industries, serving as Chairman and Chief Executive Officer of Burlington Northern Inc., 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 his retirement as both CEO and a director this fall at the age of 75.

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. For more information on the Annual Meeting, visit www.pcma.org.

The Professional Convention Management Association (PCMA) is the professional resource and premier educator for the meetings and convention industry. Founded in 1957, PCMA represents the interests of meeting management executives from associations, non-profit organizations, corporations, independent meeting planning companies, and multi-management firms who recognize the importance of meetings to their organization. PCMA empowers members with the tools they need to succeed as meeting professionals and to promote the value of the industry to their organizations and the general public. Headquartered in Chicago, PCMA has 16 chapters throughout the United States and Canada. For additional information, please visit the PCMA Web site at www.pcma.org.

The role of the PCMA Education Foundation is to support the mission of the PCMA through fundraising and grant giving focused on education and research that will benefit the meetings and conventions industry. Established in 1985, the Foundation supports educational programs to improve professionalism in the meetings industry and to provide a university-level meeting management curriculum. The Foundation funds educational programs for meeting managers, hotels, convention and visitors bureaus, and other members of the meetings industry. It also