DAL Delta Air Lines Inc

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

 

 

Date of Report (Date of earliest event reported): February 3, 2016

 

 

DELTA AIR LINES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware		001-05424		58-0218548
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

 

 

P.O. Box 20706, Atlanta, Georgia 30320-6001

(Address of principal executive offices)

 

 

Registrant’s telephone number, including area code: (404) 715-2600

 

 

Registrant’s Web site address: www.delta.com

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 5.02       Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

 

On February 3, 2016, the Board of Directors of Delta Air Lines, Inc. (“Delta”) announced that Richard H. Anderson has chosen to retire from his position as Chief Executive Officer of Delta effective May 2, 2016. The Board of Directors also appointed Mr. Anderson as its Executive Chairman effective as of May 2, 2016. In his role as Executive Chairman, Mr. Anderson will continue to be employed as an executive of Delta. Mr. Anderson will continue to receive his current annual base salary of $800,000, and it is not expected that he will be granted future awards for service as Executive Chairman under Delta’s Management Incentive Plan and Long-Term Incentive Program. The Board also appointed Francis S. Blake to serve as Lead Director effective May 2, 2016. Daniel A. Carp, the current non-executive Chairman of the Board of Directors, will remain on the Board of Directors.

 

The Board of Directors also appointed Edward H. Bastian as Chief Executive Officer and Glen W. Hauenstein as President, both effective on May 2, 2016. At that time, Mr. Bastian’s annual base salary will increase to $800,000 and Mr. Hauenstein’s annual base salary will increase to $625,000. Mr. Bastian and Mr. Hauenstein will continue to participate in Delta’s Management Incentive Plan and Long-Term Incentive Program and be eligible for Delta’s broad-based employee retirement and welfare plans, as well as the flight benefit program for Delta officers.  Additional information about these plans and programs is included in Delta’s Proxy Statement for the 2015 annual meeting of its stockholders filed with the Securities and Exchange Commission on April 30, 2015.

 

Mr. Bastian, age 58, has served as Delta’s President since September 1, 2007. During this time, Mr. Bastian also served as Chief Executive Officer of Northwest Airlines, Inc. from October 2009 to December 2009 and as Delta’s Chief Financial Officer from September 2007 to October 2008. Before becoming Delta’s President, Mr. Bastian served as Delta’s Executive Vice President and Chief Financial Officer from July 2005 to September 2007, Senior Vice President –Finance and Controller from 2000 to 2005 and Vice President and Controller from 1998 to 2000.

 

Mr. Hauenstein, age 55, has served as Delta’s Executive Vice President – Chief Revenue Officer since August 2013. Mr. Hauenstein previously served as Delta’s Executive Vice President – Network Planning and Revenue Management from April 2006 to July 2013 and Executive Vice President and Chief of Network and Revenue Management from August 2005 to April 2006.

 

A copy of Delta’s press release announcing these changes is attached to this report as Exhibit 99.1.

 

Item 9.01       Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit 99.1

Press Release dated February 3, 2016 titled “Delta announces executive succession”

 

SIGNATURES

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

	DELTA AIR LINES, INC.
	By:  /s/ Peter W. Carter
Date:  February 5, 2016	Peter W. Carter Executive Vice President & Chief Legal Officer

 

 

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit Number	Description
Exhibit 99.1	Press Release dated February 3, 2016 titled “Delta announces executive succession”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 99.1

 

 

CONTACT:	Corporate Communications
	404-715-2554
	news archive at news.delta.com

 

Delta announces executive succession

 

ATLANTA, February 3, 2016 -- Delta Air Lines, Inc. Board of Directors today announced that Richard H. Anderson has chosen to retire as CEO effective May 2, 2016. At that time, Mr. Anderson will be elevated to Executive Chairman of the Delta Air Lines Board of Directors. “Richard has been an outstanding leader and CEO. His unique combination of strategic and operating skills, plus his commitment to employees, corporate culture, customers and shareholders has redefined Delta and led to an entirely new and better way of flying around the world. Under Richard’s leadership, Delta has become the most profitable and best run airline that consistently delivers excellent customer service. The entire Board of Directors extends a hearty thanks for his service, his leadership and his thoughtful succession planning process. This succession plan has been several years in the making and will keep Delta on top of the global industry.” said Dan Carp, Chairman of the Board.

 

Ed Bastian, President of Delta, will be appointed CEO effective May 2, 2016 and Glen Hauenstein, Executive Vice President, will be appointed President of Delta, also effective May 2, 2016. Gil West is promoted immediately to Senior Executive Vice President and Chief Operating Officer. “Ed has been a critical part of Delta’s success. He is an exceptional leader and has been an invaluable partner in leading the remarkable transformation of Delta over the last decade. Likewise, Glen and Gil are extraordinary leaders who have led the transformation of Delta’s network, product and operations. I hold Ed, Glen and Gil in the highest esteem, both personally and professionally, and have every confidence that they will lead Delta to even higher levels of performance.” said Richard Anderson. “Ed Bastian will lead the best management team in the global industry. Delta’s succession planning and executive development has produced the top performing executive team in the global airline industry,” said Dan Carp, Chairman of the Delta Board of Directors.

 

Effective immediately, the Board of Directors also appoints Steve Sear, President International and Executive Vice President Global Sales. Steve will lead the Atlantic, Asia-Pacific, and Latin America organizations in addition to global sales.

 

Upon Richard Anderson’s appointment as Executive Chairman on May 2, 2016, Frank Blake, a current Delta Director, will be appointed Lead Director of the Delta Air Lines Board of Directors. Dan Carp will step down as non-executive Chairman and remain on the Board of Directors of Delta. “Dan Carp has been an excellent mentor and colleague as the Chairman of Delta since 2007, overseeing the remarkable resurgence of Delta as the recognized leader of the global aviation business,” said Richard Anderson.

 

Delta Air Lines serves nearly 180 million customers each year. Delta was named to FORTUNE magazine's top 50 World's Most Admired Companies in addition to being named the most admired airline for the fourth time in five years. Additionally, Delta has ranked No.1 in the Business Travel News Annual Airline survey for an unprecedented five consecutive years. With an industry-leading global network, Delta and the Delta Connection carriers offer service to 328 destinations in 57 countries on six continents. Headquartered in Atlanta, Delta employs nearly 80,000 employees worldwide and operates a mainline fleet of more than 800 aircraft. The airline is a founding member of the SkyTeam global alliance and participates in the industry's leading trans-Atlantic joint venture with Air France-KLM and Alitalia as well as a joint venture with Virgin Atlantic. Including its worldwide alliance partners, Delta offers customers more than 15,000 daily flights, with key hubs and markets including Amsterdam, Atlanta, Boston, Detroit, Los Angeles, Minneapolis/St. Paul, New York-JFK and LaGuardia, London-Heathrow, Paris-Charles de Gaulle, Salt Lake City, Seattle and Tokyo-Narita. Delta has invested billions of dollars in airport facilities, global products and services, and technology to enhance the customer experience in the air and on the ground. Additional information is available on the Delta News Hub, as well as delta.com, Twitter @DeltaNewsHub,Google.com/+Delta, Facebook.com/delta and Delta's blog takingoff.delta.com.