Former CEO Jerry Grinstein established long legacy at Delta Air Lines

Gerald "Jerry" Grinstein served as Delta Air Lines CEO during the tumultuous years of 2004-07 and helped steer the company out of bankruptcy. He's shown here on Jan. 31, 2007, sprinting to the podium to turn on the "Fly Delta Jets" sign at Hartsfield-Jackson International Airport after it had been turned off for several years. (Rich Addicks/AJC 2007 file)

Grinstein, shown here in 2004, came to Delta in 1987, when Delta merged with Western Airlines, Inc., of which he was president and CEO. His first roles at Delta were as a director and as a non-executive chairman. (T. Levette Bagwell/AJC 2004 file)

As Delta's CEO, Grinstein rehired Ed Bastian as the airline's chief financial officer, who had left the company six months earlier. Together they would lead the company through years of financial crisis and would fend off a hostile takeover bid by US Airways. Here, Grinstein greets people before a 2005 shareholders meeting in College Park. (John Spink/AJC 2005 file)

In May 2006, Grinstein joined Mayor Shirley Franklin and Valerie Jackson, widow of former Mayor Maynard Jackson, during the opening ceremony of a new runway at Hartsfield-Jackson International Airport. (Johnny Crawford/AJC 2006 file)

Grinstein and Delta COO Jim Whitehurst talk to Delta employee Nita Dobbs at Hartsfield-Jackson International Airport. (Brant Sanderlin/AJC 2005 file)

Grinstein celebrates with employees at the retiring of the "Spirit of Delta" jet at Jackson Hartsfield International Airport in March 2006. The Boeing 767 jet was purchased by employees years earlier and donated to the airline. (John Amis/AJC 2006 file)

Delta CEO Gerald Grinstein speaks with Sen. Johnny Isakson, R-Ga., on Capitol Hill in July 2006 during a press conference about pension legislation. (Lawrence Jackson/AP 2006 file)

Grinstein leaves bankruptcy court in New York in April 2007 after a judge approved a Delta Air Lines plan to exit bankruptcy. The plan came after nearly 20 months of reorganization that cut 6,000 jobs and $3 billion in costs. (Seth Wenig/AP 2007 file)

Hundreds of Delta employees celebrate the company's emergence from Chapter 11 bankruptcy with CEO Gerald Grinstein on April 30, 2007. The event introduced new company branding and the unveiling of a Boeing 757-200 plane. Grinstein was treated as a rock star and signed autographs for employees. (Rich Addicks/AJC 2007 file)

Grinstein, left, joins Gov. Sonny Perdue and Noreen Culhane to ring the opening bell for the New York Stock Exchange from Hartsfield-Jackson International Airport's South Terminal on May 3, 2007. (John Spink/AJC 2007 file)

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Credit: AJC

Gerald "Jerry" Grinstein served as Delta Air Lines CEO during the tumultuous years of 2004-07 and helped steer the company out of bankruptcy. He's shown here on Jan. 31, 2007, sprinting to the podium to turn on the "Fly Delta Jets" sign at Hartsfield-Jackson International Airport after it had been turned off for several years. (Rich Addicks/AJC 2007 file)

By Kelly Yamanouchi

June 24, 2024

Jerry Grinstein, a former CEO of Atlanta-based Delta Air Lines who now has a building dedicated to him at the company’s campus near Hartsfield-Jackson, is known for guiding the carrier through some of its most challenging times.

In navigating the company through a bankruptcy and successfully fending off a hostile takeover attempt by US Airways, Grinstein kept Delta as an independent airline and gained the respect and admiration of many of the company’s employees.

Here’s a brief timeline of Grinstein’s tenure at Delta:

1987: Gerald Grinstein joins Delta’s board of directors with its acquisition of Western Airlines, where he was CEO.

1997: Grinstein is a key figure in the ouster of Delta CEO Ron Allen and subsequent hiring of Leo Mullin.

2004: Grinstein becomes CEO, replacing Mullin amid deep losses at Delta

2005: Delta files for bankruptcy.

2006: US Airways makes hostile bid for Delta.

January 2007: US Airways withdraws its $10 billion takeover bid.

April 2007: Delta’s reorganization plan is confirmed, allowing the company to emerge from bankruptcy after filing for Chapter 11 in 2005.

May 2007: Delta executives rang the New York Stock Exchange’s opening bell from Atlanta, as their new post-bankruptcy stock began trading, pushing an electronic button that triggered a bell sound. Delta executives then flew to New York to ring the closing bell. “Welcome to independence day,” said Ed Bastian, then-chief financial officer and now CEO.

August 2007: Grinstein retires after piloting the airline through bankruptcy and a campaign called “Keep Delta My Delta” to rebuff a hostile takeover attempt by US Airways. He leaves the company’s headquarters as hundreds of employees line the driveway.

Richard Anderson becomes the next CEO.

DELTA’S TOP EXECS

C.E. Woolman, 1929-1966: Beloved by employees, Delta’s principal founder raised the airline from its crop-dusting roots and was its primary executive for nearly four decades.
Charles Dolson, 1966-1971: Joined Delta as a pilot and is the only flight crew member to ascend to the top job.
W.T. “Tom” Beebe, 1971-1978: Came to Delta in merger with Chicago and Southern. Remained chairman of the board until 1983.
David C. Garrett Jr., 1978-1987: Led Delta through deregulation. In charge during a legendary 1983 fund drive in which workers chipped in to buy a 767 named “Spirit of Delta.”
Ronald Allen, 1987-1997: Led buyout of Pan Am’s Europe routes and guided Delta through mid-90s financial troubles. Forced into early retirement after losing board support.
Leo Mullin, 1997-2003: Utility and banking exec was the first outsider hired to run Delta. After strong profits in late 1990s, tenure marred by post-9/11 financial trouble and controversy over executive bonuses and pension perks.
Gerald Grinstein, 2004-2007: Longtime Delta board member replaced Mullin amid financial crisis. Imposed painful cutbacks but will be remembered for bringing Delta through Chapter 11 restructuring intact.
Richard Anderson, 2007-2016: Former Northwest CEO and attorney who led Delta’s merger with Northwest Airlines, financial restructuring and path toward becoming one of the nation’s leading carriers.
Ed Bastian, 2016-today: Continued Delta’s efforts to establish itself as a premium brand, guided airline through COVID-19 pandemic, is leading changes to its frequent flier program to drive more spending through Delta, alienating some customers.

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