Delta shifts meeting to NY
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July 24, 1998: 2:46 p.m. ET
Annual shareholders meeting had been held in Monroe, La., since 1957
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NEW YORK (CNNfn) - Bowing to the changing realities of its global aviation business, Delta Air Lines is moving its annual stockholders meeting from Monroe, La., where the company got its start in 1927 as a crop-duster fighting the boll weevil, to New York City.
With a sole exception, Atlanta-based Delta has held its shareholders meeting in Monroe every year since 1957, when it became a publicly-traded company. In 1995, Delta convened the meeting in Atlanta to help promote the Olympics.
Delta's directors voted on the change of venue -- to the Waldorf-Astoria hotel Oct 22 -- during a regular board meeting Thursday, at which they also declared a dividend of 5 cents a share.
To reassure local residents Delta isn't forsaking its birthplace, the Louisiana Chamber of Commerce said the airline's decision to uproot was dictated by sheer pragmatism.
Quoting a Delta spokesman, the Chamber said: "Delta treasures and honors its special relationship with Monroe, and we will return our annual meetings to the city of our birth from time to time in the future."
Delta spokesman Todd Clay said the New York move reflects a growing philosophy among its board members that the firm should hold its annual meetings in a variety of cities, in deference to its far-flung investors.
The new cash dividend is payable Sept. 1 to shareholders of record Aug. 12.
Shares of Delta (DAL) were off 2-9/16 at 129-7/8 on light volume of 335,000 shares Friday on the New York Stock Exchange.
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Delta Air Lines
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