GM Names Paul Jacobson Executive Vice President and CFO

Rhea-AI Summary

General Motors Co. (NYSE: GM) announced the appointment of Paul Jacobson as executive vice president and chief financial officer, effective Dec. 1. Previously, Jacobson served as CFO of Delta Air Lines, significantly enhancing its reputation. GM's chairman, Mary Barra, praised Jacobson's leadership in driving the company's vision for zero crashes, zero emissions, and zero congestion. John Stapleton, the acting CFO since Aug. 31, will return to focus solely on North America.

Positive

• Appointment of Paul Jacobson as Chief Financial Officer expected to strengthen leadership team.
• Jacobson's extensive experience at Delta Air Lines positions him well for GM's strategic goals.

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• None.

DETROIT, Oct. 30, 2020 /PRNewswire/ -- General Motors Co. (NYSE: GM) announced today that Paul Jacobson has joined the company as executive vice president and chief financial officer, effective Dec. 1. He will report to GM Chairman and CEO Mary Barra.

Since 2012, Jacobson, 48, served as CFO of Delta Air Lines, Inc., a company he helped transform into one of Fortune magazine's Top 50 Most Admired Companies for six consecutive years and the top-ranked airline for eight out of nine years.

"Paul is a great addition to the GM senior leadership team and is dedicated to leading the company for the benefit of all stakeholders – customers, employees, suppliers, communities and shareholders," said Barra. "We share a commitment to teamwork and inclusion as we work toward our vision of a future with zero crashes, zero emissions and zero congestion while delivering a best-in-class customer experience, operational and financial excellence, and disciplined capital allocation."

"GM's vision is compelling because it embraces the needs of society, customers and investors, and they are executing an historic technology shift to electrification from a position of strength," Jacobson said. "I look forward to joining the team and helping them accelerate their plan."  

Mr. Jacobson joined Delta as a financial analyst in 1997, and held several positions there, including serving as senior vice president and treasurer. In March 2012, he became chief financial officer. He was named the airline industry's best CFO eight times by Institutional Investor magazine's poll of Wall Street analysts and investors.

Jacobson graduated from Auburn University with a bachelor's degree in aviation management and later received a Master of Business Administration degree from the Owen Graduate School of Management at Vanderbilt University.

He serves on the board of trustees for the Auburn University Foundation, The Harbert College of Business Advisory Council at Auburn and The Owen Graduate School of Management Board of Visitors at Vanderbilt.

John Stapleton, GM acting CFO since Aug. 31, will continue as North America chief financial officer, a position he has held since January 2014.

"I appreciate John's leadership and willingness to take on two roles during our search for a new CFO," Barra said. "John's passion for operations allowed us to take full advantage of the market recovery in North America, and he has helped the entire company meet the global challenges of the COVID-19 pandemic, execute aggressive plans to protect our finances, and drive strong launch and sales performance. With John once again fully focused on our opportunities in North America, I am very confident our momentum will continue."

General Motors (NYSE:GM) is a global company committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Holden, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.

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SOURCE General Motors Co.

FAQ

Who has been appointed as the new CFO of GM?

Paul Jacobson has been appointed as the new CFO of General Motors, effective December 1.

What was Paul Jacobson's position before joining GM?

Before joining GM, Paul Jacobson served as the CFO of Delta Air Lines.

When is Paul Jacobson starting his role at GM?

Paul Jacobson will start as the CFO of GM on December 1.

Who was acting as GM's CFO prior to Jacobson's appointment?

John Stapleton served as acting CFO of GM since August 31.

What are GM's goals as mentioned in the press release?

GM aims for zero crashes, zero emissions, and zero congestion while enhancing customer experience and financial excellence.