Internal Memorandum                                                                               

Date:  February 28, 2020

To: Delta Colleagues Worldwide

From: Ed Bastian

Subject: Paul Jacobson


After nearly 23 years of service to Delta, Paul Jacobson, our E.V.P. and Chief Financial Officer, has told me of his plans to retire.  Delta is undoubtedly better for Paul’s integrity, love for Delta people and commitment to our continued success.  While he will be deeply missed, I respect Paul’s decision, after more than two decades of service to Delta, to move on to the next chapter in his career.

Paul joined Delta after earning his MBA from Vanderbilt University in 1997, working his way up through our Treasury team before being named Chief Financial Officer in 2012.  He played a crucial role in Delta’s bankruptcy process and the strategy that led Delta to regain our investment-grade balance sheet while also investing billions in our people, product and service.  Paul has a gift for sharing financial messages that are clear, actionable and easily comprehended, ensuring that Delta people understand our financial standing, goals and path forward.  This was recognized externally as well, leading Paul to be named the industry’s best CFO eight times in Institutional Investor magazine’s poll of Wall Street analysts and investors.

These achievements don’t begin to describe the impact Paul has had on our company and our communities.  After a Finance team member experienced a heart attack at work, Paul made it a personal mission to raise funds for and increase awareness of heart disease and stroke.  Under his leadership, we now have defibrillators and AEDs across the operation, and Delta is a top fundraiser nationwide for the American Heart Association.  Paul has hired and developed a Finance leadership team that reflects his commitment to promoting diversity and inclusion.  As many know, Paul has a deep love for both aviation and his alma mater, Auburn University.  Combining these, he helped establish the Delta Air Lines Aviation Education Building at Auburn, providing resources for the next generation to learn to fly and pursue careers in aviation.

Consistent with his decades of dedication, Paul has committed to stay through the search for and transition with his replacement, a process we know will take several months. When he leaves Delta later this year, his legacy will be our strong financial foundation and a best-in-class Finance team.

Please join me in thanking Paul for his leadership and contributions during a remarkable career at Delta.