To: Delta Colleagues Worldwide
From: Ed Bastian, CEO
Subject: Paul Jacobson
Last week, I asked Paul Jacobson to reconsider his decision to retire from Delta. I am happy to announce that Paul has agreed to rescind his retirement and continue as our Executive Vice President and Chief Financial Officer.
Paul's experience and guidance have been critical to Delta's initial response to the COVID-19 crisis. Under his leadership, we have boosted our liquidity through commercial markets and expanded our cash position to help us weather the storm in the months to come. Paul and his team have been instrumental in executing our strategy for cost reduction while forging the path ahead so that Delta is positioned to lead the industry when the recovery comes.
Those who know Paul aren't surprised at his skill in navigating a crisis. More than a decade ago, he played a crucial role in developing and leading the strategy that regained our investment-grade balance sheet as we rose from the difficult years after Sept. 11, 2001. He has been recognized numerous times as the industry's top CFO.
Beyond his financial expertise, Paul is a champion of Delta's culture – indeed, he embodies those shared values of service, integrity and respect that make us unique. He will ensure that every step we take towards recovery – even the most difficult – fully reflects those values.
It's too early to know how long our rebound will take. But we can all be heartened by the fact that Paul has chosen to stay with Delta not only as we rebuild, but for many years to come as we continue our climb.
Our strength has always been in our people, and I'm as confident as ever that, together, we will continue to lead our industry and our world, guided by our people and our values.
Please join me in thanking Paul for his service to Delta and his decision to stay and help lead us through the crisis and beyond.