General Motors said on Monday that it will suspend its quarterly dividend and stock repurchases to preserve cash during the coronavirus pandemic.
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General Motors announced on Friday that it has hired Delta Air Lines Chief Financial Officer Paul Jacobson to replace Dhivya Suryadevara, who Unexpectedly, he left GM in August and switched to Stripe, a digital payment company.
Jacobson, 48, has been with Delta Air Lines since 1
Jacobson is an important hire for General Motors (GM) as it starts new business and continues to reorganize its business operations into fully electric vehicles. He will also take on the task of assisting automakers to convince Wall Street to be undervalued. In the past decade, GM stock has failed to achieve any sustainable growth.
In Delta Air Lines, Jacobson is an important contributor to the Delta Air Lines strategy and played an important role in the balance sheet plan, thereby reducing debt by nearly $10 billion. He was named the best CFO in the aviation industry eight times in a poll of Wall Street analysts and investors by Institutional Investor.
Paul Jacobson, Delta CFO
Source: Delta Air Lines
Jacobson’s decision to leave was during the worst crisis ever in the aviation industry. In the third quarter alone, American Airlines lost more than $11 billion. Raising cash quickly has become the top priority for airlines. In his last few months as Delta’s chief financial officer, the company raised billions of dollars in response to the epidemic, including a $9 billion debt sale backed by its loyalty program. Set an industry record. After the airline’s chief operating officer Gil West announced his retirement, Jacobson announced his departure from Delta about two months.
GM Chief Executive Mary Barra said in a press release: “Paul is an important member of GM’s senior leadership team and is committed to serving all stakeholders (customers, employees, suppliers, communities and The interests of shareholders) lead the company.”
In a statement, Jacobson said that the company’s so-called three zero vision of zero accidents, zero emissions and zero congestion “is compelling because it meets the needs of society, customers and investors, and they are A historic technological transformation towards electrification. From the position of power.”
John Stapleton, who has served as GM’s acting chief financial officer since August 31, will continue to serve as North America’s chief financial officer, a position he has held since January 2014.
Delta Air Lines stated that it will “conduct a global search to identify” its next chief financial officer, and two senior executives (Gary Chase, head of business development and financial planning and Bill Carroll, senior vice president of finance and finance) will serve as co-chief Finance officer. During the transition period.
– CNBC Leslie Josephs Contributed to this report.