Delta Air Lines Taps GE Executive as Finance Chief -- Update
May 21 2021 - 11:32AM
Dow Jones News
By Nina Trentmann and Alison Sider
Delta Air Lines Inc. recruited a General Electric Co. executive
to lead its finances following the departure of its longtime
finance chief last year.
Atlanta-based Delta on Friday said Daniel Janki would become its
executive vice president and chief financial officer, effective
July 12. Mr. Janki, who is 53, is set to succeed Paul Jacobson, who
became General Motors Co. CFO in December after about eight years
at the helm of Delta's finance organization. Delta executives Gary
Chase and Bill Carroll had stepped in as interim co-CFOs.
Mr. Janki, a GE veteran who joined the industrial conglomerate
in 1992, has served as president and chief executive of the
company's power portfolio since October. He previously served as
senior vice president of business transformation and held various
other positions in finance and operations, including treasurer and
CFO of GE's energy infrastructure business.
He is joining Delta at a crucial time as the airline looks to
recover from the damage caused by the coronavirus pandemic. Delta
and other carriers sustained heavy losses over the past year as the
pandemic decimated demand for travel. They scrambled to amass huge
war chests of cash, borrowing heavily to survive a crisis that
airline executives said was unparalleled.
Now, as the pandemic recedes and travel demand returns, carriers
including Delta are starting to turn their attention to the
mountains of debt they have taken on. Interim co-CFO Mr. Chase last
month told analysts and investors that Delta had started to fund
pension plans and reduce its debt and chip away at its $4 million
daily interest burden.
Delta said its operation started generating cash again in March
for the first time in a year. U.S. leisure travelers are returning
in droves, and airlines have been scrambling to add flights to
beach and mountain destinations to serve them.
Business travel, which was a focal point for Delta before the
pandemic, has been slower to bounce back. Some destinations in
Europe have started to tentatively reopen to American travelers,
but a full world-wide travel recovery has remained elusive, posing
a challenge for Delta, which had assembled a network of
partnerships that spanned the globe, including equity investments
in some carriers that went bankrupt during the pandemic.
In his new role, Mr. Janki will oversee finance divisions such
as audit, controlling and treasury, alongside operational areas
such as fleet, supply chain and fuel management, including the
airline's refinery, Delta said.
"Dan is known for his close working relationship with his teams
and a strong customer focus," Chief Executive Ed Bastian said in a
memo to employees.
Mr. Janki's initial annual base salary will be set at $650,000,
the company said. He will receive a cash signing bonus of $1.5
million and be entitled to an equity award as well as performance
bonuses, Delta said in a filing with securities regulators.
The company declined to make Mr. Janki available for an
interview.
Dave Sebastian contributed to this article.
Write to Nina Trentmann at Nina.Trentmann@wsj.com and Alison
Sider at alison.sider@wsj.com
(END) Dow Jones Newswires
May 21, 2021 11:17 ET (15:17 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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