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Delta Replaces Its CFO, Makes Other Exec Changes As It Prepares to Record Hefty Loss

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Flying Freddie

Bitchin' Blue
Joined
Dec 30, 2002
Posts
345
AP
Delta Replaces Chief Financial Officer
Wednesday July 20, 3:46 pm ET
By Harry R. Weber, AP Business Writer Delta Replaces Its CFO, Makes Other Exec Changes As It Prepares to Record Hefty Loss

ATLANTA (AP) -- Delta Air Lines Inc. abruptly replaced its chief financial officer and made other executive changes Wednesday, including reinstating a top senior position, as it prepared to record another hefty loss amid persistently high fuel prices.

The departure of Michael Palumbo, the second CFO to leave Delta in 14 months, was announced in a statement in which the nation's third-largest airline said there is growing urgency to its transformation efforts.

The Atlanta-based company, which will report second-quarter results on Thursday, is trying to avoid a bankruptcy filing.

"Persistently high fuel prices and increased competitive pressures have added new urgency to our efforts," Chief Executive Gerald Grinstein said. "Today our airline must be prepared not only to deliver more, but to deliver it more quickly."

Spokesman John Kennedy said Palumbo was leaving to pursue other opportunities. He said he could not elaborate.

Palumbo is being replaced by Edward H. Bastian, a six-year Delta veteran, who is returning to the company to become executive vice president and chief financial officer, effective immediately.

Palumbo was named Delta's chief financial officer after Michele Burns left the position in May 2004 to take a similar job at bankrupt energy supplier Mirant Corp.

"It was a personal decision and Michael gave us time to find a successor and he will be available to us for transition purposes," Kennedy said.

Also Wednesday, Delta announced the reinstatement of a chief operating officer position, which will be filled by Jim Whitehurst, currently senior vice president and chief network and planning officer. He will assume oversight for operations, customer service, network and revenue management and corporate strategy. Kennedy said the airline has not had a chief operating officer since Fred Reid retired from Delta early last year. In other moves, Joe Kolshak, currently senior vice president and chief of operations, is being given added responsibilities for government affairs; Lee Macenczak, currently senior vice president and chief of customer service, is being given added responsibilities for public affairs; and Paul Matsen, currently senior vice president and chief marketing officer, is being given new responsibilities for technology and corporate communications.
 
Also Wednesday, Delta announced the reinstatement of a chief operating officer position


They can save money by creating another executive position...go figure.
 
......Gentleman, I thinks it's time we make our way to the life boats.
 
miles otoole said:
No, what?

General Lee pontificating on how these are all strategic, well planned actions by senior management to solidify Delta's already strong market presence!
 
leaving this alone for now.
 
Last edited:
TCAS said:
General Lee pontificating on how these are all strategic, well planned actions by senior management to solidify Delta's already strong market presence!

Do you mean ""Delta is not failing to plan, and we are certainly not planning to fail," -DL CFO?"
Of course I had to find her/him on the regionals forum. Apparently she/he posts more there than on the majors.
 

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