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LAXintl
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Delta CFO leaves for GM

Fri Oct 30, 2020 8:30 pm

General Motors Co. has hired Delta Air Lines Inc. executive Paul Jacobson as executive vice president and chief financial officer.

Jacobson, 48, will join the company Dec. 1, the automaker said Friday. He has been CFO of Delta since 2012, and prior to that held numerous roles since joining the carrier as a financial analyst in 1997. He was named the airline industry's best CFO eight times by Institutional Investor magazine's poll of Wall Street analysts and investors.

General Motors taps Delta executive as new chief financial officer
https://www.detroitnews.com/story/busin ... 087828002/

=

Jacobson had previously planned to "retire" but rescinded his plans when the pandemic hit to stay at Delta, but obviously continued to have his eyes on other opportunities.
From the desert to the sea, to all of Southern California
 
clrd4t8koff
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Re: Delta CFO leaves for GM

Fri Oct 30, 2020 9:18 pm

LAXintl wrote:
General Motors Co. has hired Delta Air Lines Inc. executive Paul Jacobson as executive vice president and chief financial officer.

Jacobson, 48, will join the company Dec. 1, the automaker said Friday. He has been CFO of Delta since 2012, and prior to that held numerous roles since joining the carrier as a financial analyst in 1997. He was named the airline industry's best CFO eight times by Institutional Investor magazine's poll of Wall Street analysts and investors.

General Motors taps Delta executive as new chief financial officer
https://www.detroitnews.com/story/busin ... 087828002/

=

Jacobson had previously planned to "retire" but rescinded his plans when the pandemic hit to stay at Delta, but obviously continued to have his eyes on other opportunities.


48 and was already thinking about retiring? Good for him!
 
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Polot
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Re: Delta CFO leaves for GM

Fri Oct 30, 2020 9:35 pm

clrd4t8koff wrote:
LAXintl wrote:
General Motors Co. has hired Delta Air Lines Inc. executive Paul Jacobson as executive vice president and chief financial officer.

Jacobson, 48, will join the company Dec. 1, the automaker said Friday. He has been CFO of Delta since 2012, and prior to that held numerous roles since joining the carrier as a financial analyst in 1997. He was named the airline industry's best CFO eight times by Institutional Investor magazine's poll of Wall Street analysts and investors.

General Motors taps Delta executive as new chief financial officer
https://www.detroitnews.com/story/busin ... 087828002/

=

Jacobson had previously planned to "retire" but rescinded his plans when the pandemic hit to stay at Delta, but obviously continued to have his eyes on other opportunities.


48 and was already thinking about retiring? Good for him!

Well obviously he wasn’t actually planning on retiring. He was just saying he was retiring from DL with the plan to go somewhere else that he did not want to disclose at the time.
 
UALFAson
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Re: Delta CFO leaves for GM

Fri Oct 30, 2020 9:48 pm

I have met him in a non-work setting and he is a very nice and humble guy.

I can imagine after 23 years with the same company wanting to take on new professional challenges. Certainly wish him all the best!
"We hope you've enjoyed flying with us as much as we've enjoyed taking you for a ride."
 
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Revelation
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Re: Delta CFO leaves for GM

Fri Oct 30, 2020 10:10 pm

Made me think of ex-DL COO Jim Whitehurst who went from COO DL -> CEO Red Hat -> President of IBM in the last 12 years:

https://www.forbes.com/sites/jonobacon/ ... s-culture/
Wake up to find out that you are the eyes of the world
The heart has its beaches, its homeland and thoughts of its own
Wake now, discover that you are the song that the morning brings
The heart has its seasons, its evenings and songs of its own
 
FlyHPN
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 12:30 am

Gil West in August, now Jacobson. Wonder if there are any more coming.
 
seat1a
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 3:37 am

Another external hire for CFO; proof the finance bench sucks at GM.
 
deltairlines
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 4:34 am

UALFAson wrote:
I have met him in a non-work setting and he is a very nice and humble guy.

I can imagine after 23 years with the same company wanting to take on new professional challenges. Certainly wish him all the best!


Met him in my first week at DL when I was a mere Sr. Analyst in pricing. Incredibly nice person - always would say hello to me in the cafeteria. Brilliant man as well - I think he would have had a great chance to be the next CEO at Delta. He was well respected internally in the airline as well as in the finance community at large.

Congrats to Paul on this move.
 
PSU.DTW.SCE
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 5:54 am

Jacobson had already, pre-COVID declared his intentions to leave DL.

GM's prior CFO left somewhat abruptly in August, for a position with better comp and less exposure//requirements.

GM on direction of the BoD sought an experienced CFO who understood operational aspects but was also a known person in "Wall Street" and the financial / investment circles.
 
TTailedTiger
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 7:32 am

deltairlines wrote:
UALFAson wrote:
I have met him in a non-work setting and he is a very nice and humble guy.

I can imagine after 23 years with the same company wanting to take on new professional challenges. Certainly wish him all the best!


Met him in my first week at DL when I was a mere Sr. Analyst in pricing. Incredibly nice person - always would say hello to me in the cafeteria. Brilliant man as well - I think he would have had a great chance to be the next CEO at Delta. He was well respected internally in the airline as well as in the finance community at large.

Congrats to Paul on this move.


Yeah the really good ones always seem to leave. Jim Whitehurst was especially well loved among all employee groups. But he was passed over for CEO because the BOD knew he wouldn't be their merger puppet. So it may be the same case with Jacobson. The BOD would rather keep a yes man like Ed.
 
catiii
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 3:43 pm

FlyHPN wrote:
Gil West in August, now Jacobson. Wonder if there are any more coming.


Two big roles (COO and CFO) to have no one in the seat for right now as well.
 
catiii
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 3:44 pm

TTailedTiger wrote:
deltairlines wrote:
UALFAson wrote:
I have met him in a non-work setting and he is a very nice and humble guy.

I can imagine after 23 years with the same company wanting to take on new professional challenges. Certainly wish him all the best!


Met him in my first week at DL when I was a mere Sr. Analyst in pricing. Incredibly nice person - always would say hello to me in the cafeteria. Brilliant man as well - I think he would have had a great chance to be the next CEO at Delta. He was well respected internally in the airline as well as in the finance community at large.

Congrats to Paul on this move.


Yeah the really good ones always seem to leave. Jim Whitehurst was especially well loved among all employee groups. But he was passed over for CEO because the BOD knew he wouldn't be their merger puppet. So it may be the same case with Jacobson. The BOD would rather keep a yes man like Ed.


Huh? Ed is the CEO. Paul works for him. There’s no similarity to what happened with Jim (who is a GREAT guy, completely agree) and Ed where they were competing for the same job.
 
TTailedTiger
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 3:49 pm

catiii wrote:
TTailedTiger wrote:
deltairlines wrote:

Met him in my first week at DL when I was a mere Sr. Analyst in pricing. Incredibly nice person - always would say hello to me in the cafeteria. Brilliant man as well - I think he would have had a great chance to be the next CEO at Delta. He was well respected internally in the airline as well as in the finance community at large.

Congrats to Paul on this move.


Yeah the really good ones always seem to leave. Jim Whitehurst was especially well loved among all employee groups. But he was passed over for CEO because the BOD knew he wouldn't be their merger puppet. So it may be the same case with Jacobson. The BOD would rather keep a yes man like Ed.


Huh? Ed is the CEO. Paul works for him. There’s no similarity to what happened with Jim (who is a GREAT guy, completely agree) and Ed where they were competing for the same job.


I and the other member were referring to whenever Ed may step down and retire as CEO. Maybe Paul Jacobson knew he would be passed up for the position and decided to leave now.
 
MIflyer12
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 4:27 pm

TTailedTiger wrote:
I and the other member were referring to whenever Ed may step down and retire as CEO. Maybe Paul Jacobson knew he would be passed up for the position and decided to leave now.


Interesting theory but I'm not too confident in it. If Jacobson knew he wasn't in the running as next CEO - 'You know, Paul, that's not really a job for you,' - they wouldn't have asked him to stay on after he announced his retirement in February. Anybody at that level who is a little skills deficient... they accept departure with concealed glee. It solves a problem and the company gets another at-bat.

GM used to be the premier CFO job in America. The rise of Microsoft, Google, Apple and Exxon took some of the shine off of that. Still, it's a very big job. The Detroit 3 - and especially GM and Ford - have been pretty unwelcoming to people outside the industry - some of the tenures have been pretty short and/or lists of achievements pretty damning. I wish Jacobson much luck.
 
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 4:32 pm

deltairlines wrote:
Met him in my first week at DL when I was a mere Sr. Analyst in pricing. Incredibly nice person - always would say hello to me in the cafeteria. Brilliant man as well - I think he would have had a great chance to be the next CEO at Delta. He was well respected internally in the airline as well as in the finance community at large.

Congrats to Paul on this move.


Sometimes, when watching the Town Halls, I'd wonder if his "folksiness" was an act. I've seen quite a few posts like yours that tell me it isn't.
"Nothing ever happens here, " I said. "I just wait."
 
Canuck600
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 5:21 pm

seat1a wrote:
Another external hire for CFO; proof the finance bench sucks at GM.


Doesn't prove anything, maybe the board wants somebody that can be fresh set of eyes on the situation & not any gm history or way of doing things to impede his thinking? There are a lot of companies that believe there is a right way of doing things, a wrong way of doing thing & our way of doing things. There was of doing things prevails all the time. Maybe the board wants somebody that doesn't do it "The GM way"
 
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lightsaber
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 5:56 pm

What is Delta's C-suite status by day of hire (and if filled by any interim candidates)?

Bad to loose a good CFO.

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Winter is coming.
 
strfyr51
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 9:28 pm

seat1a wrote:
Another external hire for CFO; proof the finance bench sucks at GM.

Even companies like GM need to have Battle Tested Generals in the mix. And not all of them are going to be "Car Guys"..
 
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TVNWZ
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 10:00 pm

He’s done this for 20 years. Take his vested pension, bonuses and stock. Since he’s only 48, work another 20 at GM. Retire. Two pension and many, many millions. The drama is entertaining.
 
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UPlog
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 10:11 pm

He's clearly wanted to move on from Delta having announced his retirement once already.
If he is as good as people say, he probably seeks something new and will be compensated quite well for it.
I fly your boxes
 
deltairlines
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Re: Delta CFO leaves for GM

Sat Oct 31, 2020 10:18 pm

TVNWZ wrote:
He’s done this for 20 years. Take his vested pension, bonuses and stock. Since he’s only 48, work another 20 at GM. Retire. Two pension and many, many millions. The drama is entertaining.


Ding ding ding. He also gets the Senior Leadership travel package from Delta, so he'll have free First Class travel on Delta for the rest of his life.
 
seat1a
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Re: Delta CFO leaves for GM

Sun Nov 01, 2020 12:33 am

Canuck600 wrote:
seat1a wrote:
Another external hire for CFO; proof the finance bench sucks at GM.


Doesn't prove anything, maybe the board wants somebody that can be fresh set of eyes on the situation & not any gm history or way of doing things to impede his thinking? There are a lot of companies that believe there is a right way of doing things, a wrong way of doing thing & our way of doing things. There was of doing things prevails all the time. Maybe the board wants somebody that doesn't do it "The GM way"


Agree with your point made about freshness. And the Delta CFO seems to be blue chip. And Alan Mulaly at Ford was a standout CEO that your argument supports. However, why are they not imbuing that in their bench? Shouldn't they KNOW that already and develop talent? Perhaps I'm biased working at Microsoft, our CFO and CEO are cloud folks who worked in C+E for years, and MSFT is suddenly sexy.

Hats off to Delta, such a well run company (from an outsider POV). I gave up on Alaska a few years ago, tried Delta, and been with them since.
 
Lootess
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Re: Delta CFO leaves for GM

Sun Nov 01, 2020 12:38 am

catiii wrote:
TTailedTiger wrote:
deltairlines wrote:

Met him in my first week at DL when I was a mere Sr. Analyst in pricing. Incredibly nice person - always would say hello to me in the cafeteria. Brilliant man as well - I think he would have had a great chance to be the next CEO at Delta. He was well respected internally in the airline as well as in the finance community at large.

Congrats to Paul on this move.


Yeah the really good ones always seem to leave. Jim Whitehurst was especially well loved among all employee groups. But he was passed over for CEO because the BOD knew he wouldn't be their merger puppet. So it may be the same case with Jacobson. The BOD would rather keep a yes man like Ed.


Huh? Ed is the CEO. Paul works for him. There’s no similarity to what happened with Jim (who is a GREAT guy, completely agree) and Ed where they were competing for the same job.


The story is true, Jim was passed for Richard Anderson for CEO because he was open to mergers. Being NW CEO previously probably helped too.
 
dstblj52
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Re: Delta CFO leaves for GM

Sun Nov 01, 2020 1:03 am

Lootess wrote:
catiii wrote:
TTailedTiger wrote:

Yeah the really good ones always seem to leave. Jim Whitehurst was especially well loved among all employee groups. But he was passed over for CEO because the BOD knew he wouldn't be their merger puppet. So it may be the same case with Jacobson. The BOD would rather keep a yes man like Ed.


Huh? Ed is the CEO. Paul works for him. There’s no similarity to what happened with Jim (who is a GREAT guy, completely agree) and Ed where they were competing for the same job.


The story is true, Jim was passed for Richard Anderson for CEO because he was open to mergers. Being NW CEO previously probably helped too.

Airlines tend to be one of the major creators of leadership because of the specialized nature of the business they tend to promote from within the industry and those people who are good at what they do often leave unfortunately for better-compensated waters.
 
WidebodyPTV
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Re: Delta CFO leaves for GM

Sun Nov 01, 2020 2:48 am

Elkadad313 wrote:
Must have received helluva incentive to move from ATL to DET.


Maybe he lives in Florida and instead of commuting to Atlanta, he'll be commuting to Detroit. It's increasingly common for execs to establish a secondary residence near their work site, and commute from their primary -- including numerous people who do it across the country.
 
deltairlines
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Re: Delta CFO leaves for GM

Sun Nov 01, 2020 4:02 am

WidebodyPTV wrote:
Elkadad313 wrote:
Must have received helluva incentive to move from ATL to DET.


Maybe he lives in Florida and instead of commuting to Atlanta, he'll be commuting to Detroit. It's increasingly common for execs to establish a secondary residence near their work site, and commute from their primary -- including numerous people who do it across the country.


Including the current CEO of Delta...
 
Lootess
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Re: Delta CFO leaves for GM

Sun Nov 01, 2020 7:03 pm

dstblj52 wrote:
Lootess wrote:
catiii wrote:

Huh? Ed is the CEO. Paul works for him. There’s no similarity to what happened with Jim (who is a GREAT guy, completely agree) and Ed where they were competing for the same job.


The story is true, Jim was passed for Richard Anderson for CEO because he was open to mergers. Being NW CEO previously probably helped too.

Airlines tend to be one of the major creators of leadership because of the specialized nature of the business they tend to promote from within the industry and those people who are good at what they do often leave unfortunately for better-compensated waters.


Yep, and during hard times in aviation seeing an executive exodus isn’t surprising either since their compensation gets cut too. Offers come and certainly easier to accept a new challenge and pay raise. I’m glad Jim Whitehurst did well, he was talented.
 
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TVNWZ
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Re: Delta CFO leaves for GM

Sun Nov 01, 2020 7:55 pm

seat1a wrote:
Another external hire for CFO; proof the finance bench sucks at GM.


Anyone on that bench match his credentials? GM just went to a battle tested free agent instead of the farm team. You go with the best guy available.
 
catiii
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Re: Delta CFO leaves for GM

Mon Nov 02, 2020 7:37 pm

TTailedTiger wrote:
catiii wrote:
TTailedTiger wrote:

Yeah the really good ones always seem to leave. Jim Whitehurst was especially well loved among all employee groups. But he was passed over for CEO because the BOD knew he wouldn't be their merger puppet. So it may be the same case with Jacobson. The BOD would rather keep a yes man like Ed.


Huh? Ed is the CEO. Paul works for him. There’s no similarity to what happened with Jim (who is a GREAT guy, completely agree) and Ed where they were competing for the same job.


I and the other member were referring to whenever Ed may step down and retire as CEO. Maybe Paul Jacobson knew he would be passed up for the position and decided to leave now.


Except you said Ed was a "yes man?"
 
TTailedTiger
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Re: Delta CFO leaves for GM

Mon Nov 02, 2020 9:11 pm

catiii wrote:
TTailedTiger wrote:
catiii wrote:

Huh? Ed is the CEO. Paul works for him. There’s no similarity to what happened with Jim (who is a GREAT guy, completely agree) and Ed where they were competing for the same job.


I and the other member were referring to whenever Ed may step down and retire as CEO. Maybe Paul Jacobson knew he would be passed up for the position and decided to leave now.


Except you said Ed was a "yes man?"


Yeah that's why I said Ed for the CEO. You are trying to mix two different conversations.
 
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lightsaber
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Re: Delta CFO leaves for GM

Mon Nov 02, 2020 10:19 pm

Please refrain from trying to insult people while posting. That derails threads.
Winter is coming.
 
PSU.DTW.SCE
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Re: Delta CFO leaves for GM

Tue Nov 03, 2020 12:39 am

The last CFO at GM came up from the bench / farm team. This time around there was a strong desire to find a candidate that was known in the “Wall Street” / investment community and a proven track record.
 
catiii
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Re: Delta CFO leaves for GM

Tue Nov 03, 2020 1:52 am

TTailedTiger wrote:
catiii wrote:
TTailedTiger wrote:

I and the other member were referring to whenever Ed may step down and retire as CEO. Maybe Paul Jacobson knew he would be passed up for the position and decided to leave now.


Except you said Ed was a "yes man?"


Yeah that's why I said Ed for the CEO. You are trying to mix two different conversations.


Except I’m not. You clearly said the same thing happened to Paul that happened to Jim, and that the “BOD would rather keep yes man like Ed.”
 
TTailedTiger
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Re: Delta CFO leaves for GM

Tue Nov 03, 2020 2:08 am

catiii wrote:
TTailedTiger wrote:
catiii wrote:

Except you said Ed was a "yes man?"


Yeah that's why I said Ed for the CEO. You are trying to mix two different conversations.


Except I’m not. You clearly said the same thing happened to Paul that happened to Jim, and that the “BOD would rather keep yes man like Ed.”


Are you arguing that Ed isn't a "yes man"? What are you getting at? We may as well be discussing the price of tea in China.
 
n7371f
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Re: Delta CFO leaves for GM

Tue Nov 03, 2020 4:23 am

Ed'd
 
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lightsaber
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Re: Delta CFO leaves for GM

Tue Nov 03, 2020 2:37 pm

Topic has degenerated to bickering, locking.
Winter is coming.

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