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General Motors eavesdrops on Paul Jacobson of Delta to fill the position of CFO

General Motors said Monday it was suspending its quarterly buyout of dividends and shares to save money during the coronavirus pandemic.

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General Motors is eavesdropping on Delta Air Lines CFO Paul Jacobson to replace Wild Suryadevara, who unexpectedly left GM for digital payments company Stripe in August, the automaker said on Friday.

Jacobson, 48, has been with Delta since 1

997, a period that included the Sept. 11 terrorist attacks, the merger of Delta with Northwest Airlines in 2008, the Great Recession, and the recent coronavirus pandemic. He has been CFO of Delta since 2012 and canceled his retirement, announced in February, in April, as the airline faced a severe financial impact from the virus. His appointment as GM’s chief financial officer takes effect on December 1.

Jacobson is an important lease for GM as he embarks on new ventures and continues to restructure his business operations into all-electric vehicles. He will also be tasked with helping the carmaker convince Wall Street that it is undervalued. GM shares have failed to grow steadily over the past decade.

At Delta, Jacobson was a key contributor to Delta’s strategies and played an important role in balance sheet initiatives that reduced debt by nearly $ 10 billion. He was named the airline’s top CFO eight times by Institutional Investor’s Wall Street analysts and investors.

Delta CFO Paul Jacobson

Source: Delta Airlines

Jacobson’s decision to leave came during the airline’s worst crisis. US airlines lost more than $ 11 billion in the third quarter alone. Raising money quickly became a priority for airlines. In the past few months as Delta’s chief financial officer, the company has raised billions to overcome the pandemic, including a $ 9 billion debt sale backed by an industry record loyalty program. The announcement of Jacobson’s departure from Delta comes about two months after the airline’s chief operating officer Gil West announced his retirement.

“Paul is a great addition to GM’s management team and is committed to running the company for the benefit of all stakeholders – customers, employees, suppliers, communities and shareholders,” GM CEO Mary Barra said in a statement.

In a statement, Jacobson said the company’s so-called vision of zero catastrophes, zero emissions and zero congestion was “convincing as it covers the needs of society, customers and investors and they are making a historic technological shift to electrification from a position of strength.” “

John Stapleton, GM’s interim chief financial officer since August 31, will continue to be North America’s chief financial officer, which he has held since January 2014.

Delta said it would “conduct a global search to identify” its next chief financial officer and that two senior executives – business development and financial planning chief Gary Chase and Bill Carroll, senior vice president of finance and controller – would serve as co-financiers. directors meanwhile.

CNBC Leslie Josephs contributed to this report.

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