catiii
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Delta CFO Retires Effective Immediately

Thu Mar 01, 2012 11:15 pm

According to the Reuters story Hank Halter is retiring effective immediately as CFO of Delta, being replaced by an internal candidate named Paul Jacobson. http://www.reuters.com/article/2012/03/01/delta-idUSL2E8E12YB20120301

Halter seems kind of young to retire so suddenly. Was it health or performance related?
 
goldenstate
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RE: Delta CFO Retires Effective Immediately

Thu Mar 01, 2012 11:40 pm

Quoting catiii (Thread starter):
Halter seems kind of young to retire so suddenly. Was it health or performance related

Probably not the former and certainly not the latter.
 
Alitalia744
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RE: Delta CFO Retires Effective Immediately

Thu Mar 01, 2012 11:44 pm

Maybe moving to AA or another competitor....usually effctive immediately is either health, misplay or going to a competitor.
Some see lines, others see between the lines.
 
cokepopper
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 12:13 am

I would think that upper executive level would have something in their contract
Stating they can't work for the compettion.
 
stlgph
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 12:15 am

Quoting cokepopper (Reply 3):
I would think that upper executive level would have something in their contract
Stating they can't work for the compettion.

Even a "no compete" has time limits, and/or the option of being bought out.
Sometimes upper level management, depending on the position, or sometimes, even a whole company's rule of thumb is if you are going to resign/quit/retire, you leave immediately.
if assumptions could fly, airliners.net would be the world's busiest airport
 
khpn
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 1:37 am

if he was to go to a competitor, any guesses on where hed go?
 
Alnicocunife
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 1:45 am

Most likely wants to be a CEO? Hank being the CEO at Delta seemed a slim possibility. You will see him pop up somewhere as a CEO soon I would guess.
 
xjet
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 2:39 am

Maybe he's go to PeoplExpress?? Hahahahahahaha
 
PIEAvantiP180
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 3:16 am

I bet he is the new CEO of AA. They need new management that the labor group might feel better about since they are in a law suite with the current one.
 
goldenstate
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 6:12 am

Quoting alnicocunife (Reply 6):
Hank being the CEO at Delta seemed a slim possibility.

Which is Delta's loss. Hank Halter is one of the finest executives that company has ever had.
 
hiflyer
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 8:03 am

CFO's bugging out quickly...especially around the time of annual reports and such....can be indicative of a problem within the company. A marketable CFO, especially, will bolt to avoid being attached to those issues he/she see coming near term that are not in the public view now.

  
 
DLBOIFIN
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 9:05 am

I sure hope he will be the next CEO of AA!!
 
bjorn14
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 11:54 am

Too bad F9 already named their CEO. How old is Hank?
"I want to know the voice of God the rest is just details" --A. Einstein
 
NWAESC
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 12:40 pm

Quoting goldenstate (Reply 9):
Which is Delta's loss. Hank Halter is one of the finest executives that company has ever had

I agree. I was certainly surprised/sad to see him go.
"Nothing ever happens here, " I said. "I just wait."
 
B757capt
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 1:14 pm

Quoting hiflyer (Reply 10):
CFO's bugging out quickly...especially around the time of annual reports and such....can be indicative of a problem within the company. A marketable CFO, especially, will bolt to avoid being attached to those issues he/she see coming near term that are not in the public view now.

I held back watching this thread and I am surprised that it took 10 reply's for someone to say this. A CFO just does not wake up and decide to retire. Something is wrong here...............
The views written by this user are in no manner the views of my employer and should not be thought as such.
 
citationjet
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 4:22 pm

Quoting bjorn14 (Reply 12):
How old is Hank?

The article in the OP's link gives his age.
Boeing Flown: 701,702,703;717;720;721,722;731,732,733,734,735,737,738,739;741,742,743,744,747SP;752,753;762,763;772,773.
 
727forever
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 4:48 pm

100% Pure speculation on my part, but I'd place a small bet that the rest of the Executive Leadership is pushing hard to go one direction and Hank thinks that it is a bad move. Rather than sticking around to clean up the mess, he is choosing to bow out and go a different direction. Smart move if my theory is correct as if it is what I think they are up to, it's going to be a huge mess to clean up. No way AA DL!! Just doesn't have the same ring as that slogan on the side of the Virgin Airplanes several years back.

727forever
727forever
 
sxf24
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 4:59 pm

Quoting hiflyer (Reply 10):
CFO's bugging out quickly...especially around the time of annual reports and such....can be indicative of a problem within the company. A marketable CFO, especially, will bolt to avoid being attached to those issues he/she see coming near term that are not in the public view now.

Since we're several months past the annual report, this speculation seems to be off base.

I would imagine Halter is pursuing a higher paid opportunity outside of the airline industry. Airlines pay crap for the amount of stress and responsibilities placed on executives. It is not unusual to see executives leave after several years.
 
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DocLightning
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 7:54 pm

The bit I don't get is the use of the word "retire." To me "retire" means something different from "resign." "Retire" means "I'm finishing my career."

Now, my guess is that he's probably worth many millions of dollars. Maybe he got tired of the grind and wants to run a dog rescue or feed starving kids in Africa or something? But I agree, he seems pretty young for the use of the word "retire."
-Doc Lightning-

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NWAESC
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 8:01 pm

Quoting 727forever (Reply 16):
Smart move if my theory is correct as if it is what I think they are up to, it's going to be a huge mess to clean up. No way AA DL!!

Not out of the realm of possibility, especially since IIRC, he came to DL from AA?

Quoting sxf24 (Reply 17):
I would imagine Halter is pursuing a higher paid opportunity outside of the airline industry.

Much more likely scenario... or:

Quoting DocLightning (Reply 18):
Now, my guess is that he's probably worth many millions of dollars. Maybe he got tired of the grind and wants to run a dog rescue or feed starving kids in Africa or something? But I agree, he seems pretty young for the use of the word "retire."

I'm sure he is worth plenty. Life's short, and maybe he decided to enjoy it? Who wouldn't do the same, if they were in a position to do so?

[Edited 2012-03-02 12:07:31]
"Nothing ever happens here, " I said. "I just wait."
 
citationjet
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 8:02 pm

Quoting DocLightning (Reply 18):
"Retire" means "I'm finishing my career."

People "retire" from the military after 20 years of military service, and they are in their 40's. They are not finished with their career, but rather take a job in the private sector.
Boeing Flown: 701,702,703;717;720;721,722;731,732,733,734,735,737,738,739;741,742,743,744,747SP;752,753;762,763;772,773.
 
brons2
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 8:16 pm

Hope it's not a health problem. Good luck to him.
Firings, if well done, are good for employee morale.
 
NWAROOSTER
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 9:07 pm

He did not retire, as far as I am concerned, he was forced out for probably not being a team member. Deltanet does not show him as being an employee. His bio is removed and there is no mention of him on the employee web Deltanet. Just now, Deltanet now states Hank Halter is being replaced by Paul Jacobson as CFO in a one line statement buried in a letter to employees about changes in in the financial department.
Jon Bendoraitis is noted in Deltanet as having resigned from Comair and he is being praised.
Delta Airlines must be in the processes of making significant changes in it's financial department as well a other departments, along with its involvement with Comair.
Delta Arlines is now in a state of flux and only Richard knows what it is.   

[Edited 2012-03-02 13:08:35]
Procrastination Is The Theft Of Time.......
 
Tdan
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 9:13 pm

This reeks of him being fired...masked as a "retirement." Must have been something sudden and unexpected. Hopefully it is not anything that adversely affects the company and was a localized incident
We will ride this thunderbird, silver shadows on the earth, a thousand leagues away our land of birth... -Captain Bruce
 
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DocLightning
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 9:22 pm

Quoting CitationJet (Reply 20):

People "retire" from the military after 20 years of military service, and they are in their 40's. They are not finished with their career, but rather take a job in the private sector.

Right. They retire from their military career to do something else.

So in this context, is he going to go do something else?
-Doc Lightning-

"The sky calls to us. If we do not destroy ourselves, we will one day venture to the stars."
-Carl Sagan
 
hiflyer
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 9:30 pm

Believe if he retires he takes his full package...if he resigns then normally not as much....seems everyone retires.

Quoting sxf24 (Reply 17):
Since we're several months past the annual report, this speculation seems to be off base.

yup...my bad...thinking of the annual meeting...was set on feb 24 for June 15....(gee just recently..imagine that)

everyone go hmmmmmm now...  
 
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par13del
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 10:02 pm

Quoting hiflyer (Reply 10):
A marketable CFO, especially, will bolt to avoid being attached to those issues he/she see coming near term that are not in the public view now.

Flip side is anyone in the market for a new CFO should wait for his previous company annual reports to be filed before taking him on, just saying  
Quoting DocLightning (Reply 18):
The bit I don't get is the use of the word "retire." To me "retire" means something different from "resign." "Retire" means "I'm finishing my career."

Unless one has a very spitefull exec management or President, staff who don't play ball and have not done anything illegal and or violated company policy are usually allowed to "retire" gracefully, especially if there are clauses withink their employment contracts which call for penalties if terminated without cause.
I expect some form of a "golden para" was at play, might even had gotton the "work for another competitor within X number of months / years adjusted" waived or adjusted.
It may be awhile before we get the "rest of the story".
 
bnatraveler
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 10:13 pm

Interesting, Delta's 8-K was filed today.

http://edgar.sec.gov/Archives/edgar/...753/0001019687-12-000753-index.htm

NOTE:
Effective March 1, 2012, Hank Halter ceased to be Senior Vice President and Chief Financial Officer of Delta Air Lines, Inc. (“Delta” or the “Company”) and will terminate his employment with the Company effective as of April 1, 2012. In connection with his termination, Mr. Halter will receive the benefits provided under the Delta Air Lines, Inc. Officer and Director Severance Plan and existing award agreements under Delta’s 2007 Performance Compensation Plan. Under a separation agreement between Mr. Halter and the Company, Mr. Halter will agree to certain non-competition, non-solicitation and confidentiality covenants for the benefit of Delta and a general release of claims he may have against Delta. In addition, Mr. Halter will receive an aggregate amount of $400,000 for transition consulting services.

[Edited 2012-03-02 14:19:06]
 
phishphan70
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 10:14 pm

Quoting DocLightning (Reply 18):
The bit I don't get is the use of the word "retire." To me "retire" means something different from "resign." "Retire" means "I'm finishing my career."


Tell that to Brett Farve   

On a serious note, I'm it'll be interesting to follow Hank and see where he ends up within the next year or two.
 
FlyASAGuy2005
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 10:19 pm

Quoting alnicocunife (Reply 6):
Most likely wants to be a CEO? Hank being the CEO at Delta seemed a slim possibility. You will see him pop up somewhere as a CEO soon I would guess.

Ed Bastian had already been pinged for the top spot upon RA's retirement some time in 2010.
What gets measured gets done.
 
FlyASAGuy2005
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RE: Delta CFO Retires Effective Immediately

Fri Mar 02, 2012 10:25 pm

Quoting NWAROOSTER (Reply 22):
Deltanet does not show him as being an employee.

Not true. He's still in teh directory as the EVP and CFO...

Your entire post is a bit over the top for that matter. Considering the main news item on DLNet today is about his retirement and richard thanking him for his service, I don't see it being anything more than him looking to take a top spot somewhere else and had already asked to retire. Just because we are only hearing about it today does not mean it hadn't been ine works for weeks.

The article goes on to name numerous promotions within finance to fill the roles of others moving up the ladder from his departure.
What gets measured gets done.
 
VS11
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RE: Delta CFO Retires Effective Immediately

Sat Mar 03, 2012 12:42 am

Quoting BNAtraveler (Reply 27):
Effective March 1, 2012, Hank Halter ceased to be Senior Vice President and Chief Financial Officer of Delta Air Lines, Inc. (“Delta” or the “Company”) and will terminate his employment with the Company effective as of April 1, 2012. In connection with his termination, Mr. Halter will receive the benefits provided under the Delta Air Lines, Inc. Officer and Director Severance Plan and existing award agreements under Delta’s 2007 Performance Compensation Plan. Under a separation agreement between Mr. Halter and the Company, Mr. Halter will agree to certain non-competition, non-solicitation and confidentiality covenants for the benefit of Delta and a general release of claims he may have against Delta. In addition, Mr. Halter will receive an aggregate amount of $400,000 for transition consulting services.

This does not sound like he chose to leave. It sounds like they made him....
 
rivervisual
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RE: Delta CFO Retires Effective Immediately

Sat Mar 03, 2012 2:52 am

Well he is leaving the position effective March 1 however he is not terminating his employment until April 1 and also receiving $400000 for transition consulting services. This would lead me to believe that this is not a forced exit otherwise Delta would not be ready to have him around for another month. If he was forced out he would likely not be too welcome on company property effective immediately.

I'm leaning towards him moving to another industry and getting paid a lot more than he does now. He likely knows that he has "topped out" at DL and is making a good personal career move.
 
Viscount724
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RE: Delta CFO Retires Effective Immediately

Sat Mar 03, 2012 2:59 am

Quoting rivervisual (Reply 32):
Well he is leaving the position effective March 1 however he is not terminating his employment until April 1 and also receiving $400000 for transition consulting services. This would lead me to believe that this is not a forced exit otherwise Delta would not be ready to have him around for another month. If he was forced out he would likely not be too welcome on company property effective immediately.

That type of "consulting" wording is often just a euphemism for an extra severance payment.
 
rivervisual
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RE: Delta CFO Retires Effective Immediately

Sat Mar 03, 2012 3:04 am

Quoting Viscount724 (Reply 33):
That type of "consulting" wording is often just a euphemism for an extra severance payment.

True - but i still feel that if they wanted him gone he would be gone now as opposed to a month from now. I've seen many people walked out - even though they resigned and didn't get fired on paper - and they were gone from that moment on. Maybe something is up but more likely scenario is that he was offered something he couldn't pass up. Time will tell ....
 
NWAROOSTER
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RE: Delta CFO Retires Effective Immediately

Sat Mar 03, 2012 4:07 am

Quoting FlyASAGuy2005 (Reply 30):
Quoting NWAROOSTER (Reply 22):
Deltanet does not show him as being an employee.

Not true. He's still in teh directory as the EVP and CFO...

Your entire post is a bit over the top for that matter. Considering the main news item on DLNet today is about his retirement and richard thanking him for his service, I don't see it being anything more than him looking to take a top spot somewhere else and had already asked to retire. Just because we are only hearing about it today does not mean it hadn't been ine works for weeks.

The article goes on to name numerous promotions within finance to fill the roles of others moving up the ladder from his departure.

Delta must have rewrote the article as when I first checked Deltanet there was NO mention of Hank Halter. When I started to write my comment, I went back to Deltanet to recheck something and found what I had wrote about one sentence was correct. They could have rewritten the article to be more laudatory later. I have not gone back and rechecked the article to see if it has been changed and I do not intend to. I consider the "retirement" mute.
Delta will do what Delta wants and everyone else be damned acording to Delta.   
Procrastination Is The Theft Of Time.......
 
FlyASAGuy2005
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RE: Delta CFO Retires Effective Immediately

Sat Mar 03, 2012 4:29 am

Quoting NWAROOSTER (Reply 35):
Delta will do what Delta wants and everyone else be damned acording to Delta.

If you say so...
What gets measured gets done.
 
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mayor
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RE: Delta CFO Retires Effective Immediately

Sat Mar 03, 2012 4:33 am

Quoting NWAROOSTER (Reply 22):
He did not retire, as far as I am concerned, he was forced out for probably not being a team member. Deltanet does not show him as being an employee. His bio is removed and there is no mention of him on the employee web Deltanet. Just now, Deltanet now states Hank Halter is being replaced by Paul Jacobson as CFO in a one line statement buried in a letter to employees about changes in in the financial department.

When I looked at this, earlier in the AM, Deltanet had an article about him leaving and about Paul Jacobson taking his spot. If the time on your post is accurate, when I saw the article on Deltanet, was about 5 hours before you did.

Quoting NWAROOSTER (Reply 35):
Delta must have rewrote the article as when I first checked Deltanet there was NO mention of Hank Halter. When I started to write my comment, I went back to Deltanet to recheck something and found what I had wrote about one sentence was correct. They could have rewritten the article to be more laudatory later. I have not gone back and rechecked the article to see if it has been changed and I do not intend to. I consider the "retirement" mute.

Isn't it difficult for them to go back and rewrite an article that was complete to begin with.....Like I said, I saw it at about 10am CST, if not earlier.

Quoting NWAROOSTER (Reply 35):
Delta will do what Delta wants and everyone else be damned acording to Delta.

Lets not start this crap, ok?  
"A committee is a group of the unprepared, appointed by the unwilling, to do the unnecessary"----Fred Allen
 
bigbird
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RE: Delta CFO Retires Effective Immediately

Sat Mar 03, 2012 3:37 pm

That is true with any large company.   
bigbird from georgia
 
delta2ual
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RE: Delta CFO Retires Effective Immediately

Sat Mar 03, 2012 3:59 pm

Quoting NWAROOSTER (Reply 35):
Delta will do what Delta wants and everyone else be damned acording to Delta.

I think most companies are like that!
From the world's largest airline-to the world's largest airline. Delta2ual
 
bnatraveler
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RE: Delta CFO Retires Effective Immediately

Sat Mar 03, 2012 4:18 pm

Quoting Viscount724 (Reply 33):
That type of "consulting" wording is often just a euphemism for an extra severance payment.

He already has a significant Severance Plan, so the $400k is in addition:

http://www.docstoc.com/docs/16226246...-DELTA-AIR-LINES-INC-DE---3-2-2009

- 18 months salary plus 150% of eligible bonus
- lifetime travel benefits at the level he was previously afforded as an Executive VP
- payment of COBRA premiums through the end of 18 months
- payment of retiree medical benefits (since he 'retired')
 
FlyASAGuy2005
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RE: Delta CFO Retires Effective Immediately

Sat Mar 03, 2012 8:56 pm

Quoting BNAtraveler (Reply 40):
He already has a significant Severance Plan, so the $400k is in addition:



Well...   isn't that basically what he said when saying it's an extra severance package meaning in addition to what he's already getting.
What gets measured gets done.
 
milesrich
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RE: Delta CFO Retires Effective Immediately

Tue Mar 06, 2012 7:07 pm

Sounds like Halter got caught with this pen in the company ink, or some other violation of the code of conduct, or as others have pointed out, he is going to a competitor.
 
catiii
Topic Author
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RE: Delta CFO Retires Effective Immediately

Wed Mar 07, 2012 12:26 am

Quoting milesrich (Reply 42):
Sounds like Halter got caught with this pen in the company ink, or some other violation of the code of conduct

What are you basing that on?

[Edited 2012-03-06 16:33:17]
 
PSU.DTW.SCE
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RE: Delta CFO Retires Effective Immediately

Wed Mar 07, 2012 4:49 am

This situation has been in the works for some period of time, otherwise they wouldn't simutaneously announce all of the promotions at the same time.

As others have said, it is likely another opportunity in another industry that probably pays more and/or has less stress.

People are making this out to be much more sinister than this appears.

Executives come and go all the time, the company is much larger than one person.
 
milesrich
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RE: Delta CFO Retires Effective Immediately

Wed Mar 07, 2012 5:34 am

This is what I said:

Quoting milesrich (Reply 42):
Sounds like Halter got caught with this pen in the company ink, or some other violation of the code of conduct, or as others have pointed out, he is going to a competitor.

Taking part of the statement out of context distorts the meaning. The way Halter was swept out, it has to be one of these three things. Loyal employees who depart are not summarily dismissed "immediately" unless they are either go to a competitor or they misbehave in some way. If Halter were becoming the CFO, of say, a non airline firm, like Deere or Google, or Home Depot, I am fairly sure the press release would have said why he was leaving and wished him well in his new position. What made me say what I did, is that I am a sixty year old educated, fairly worldly and intelligent person who has worked for a Fortune 500 firm in management and am well read and sophisticated. When someone was canned at Oscar Mayer, Jerry Hiegel and Dick Tolleson took them to lunch and they didn't even get a chance to clean our their desk. If Halter was not dismissed for one of the reasons I stated, or he did not go to a competitor, then Delta Air Lines is a classless outfit or their press relations person is a dunce, and quite frankly, I don't think either of those possibilities are true, which leaves anyone that "has been around" to figure out, Halter did something wrong, or he is going to a competitor. I think I have explained myself rather well.
 
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mayor
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RE: Delta CFO Retires Effective Immediately

Wed Mar 07, 2012 6:07 am

Quoting milesrich (Reply 45):

Except I can never remember, in the years I worked for DL, that when this happened, where DL would actually say where the exec was going.......most of the time it was that they wished them well or that such and such was leaving to pursue another opportunity......it was always pretty vague.



BTW, DL did say "immediately" but I understand it is not effective until April 1 and that he's to be a consultant after that, presumably so the transition will be smooth. If he was being "dismissed" or let go for any nefarious reasons, I certainly don't think they'd keep him on as a "consultant".
"A committee is a group of the unprepared, appointed by the unwilling, to do the unnecessary"----Fred Allen
 
aeroblogger
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RE: Delta CFO Retires Effective Immediately

Wed Mar 07, 2012 7:55 am

Quoting mayor (Reply 46):


BTW, DL did say "immediately" but I understand it is not effective until April 1 and that he's to be a consultant after that, presumably so the transition will be smooth. If he was being "dismissed" or let go for any nefarious reasons, I certainly don't think they'd keep him on as a "consultant".

"consultant" usually means additional severance pay... I doubt he'll actually be doing any work as the "consultant"
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bennett123
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RE: Delta CFO Retires Effective Immediately

Wed Mar 07, 2012 8:13 am

If he is going to a competitor, which airline needs a CEO.
 
aeroblogger
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RE: Delta CFO Retires Effective Immediately

Wed Mar 07, 2012 2:08 pm

Quoting bennett123 (Reply 48):
If he is going to a competitor, which airline needs a CEO.

PEOPLExpress...   
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