Delta Names Michael J. Palumbo as CFO

30th Apr 2004

Delta Air Lines announced
today that Michael J. Palumbo, a long-time airline finance executive, has
been named executive vice president and chief financial officer, effective
May 11. He replaces M. Michele Burns, who announced her resignation from
Delta, effective May 1. Delta also announced that Robert L. Colman, executive vice president -
human resources, will retire, effective June 1, 2004, after six years with
Delta. Colman’s replacement will be named soon.

Gerald Grinstein, Delta chief executive officer, said: “Mike Palumbo is a
seasoned expert in airline finance with experience at Trans World
Airlines, Western Airlines and Pan American World Airways and in the
airline finance practice at leading investment banking and consulting
organizations. Mike worked with me at Western and we know each other well.
He has the experience and the skill to help guide Delta financially
through our current difficulties and put us in position to regain
profitability. He will work with a great Finance team at Delta and he will
be an important part of my executive team.”

“Bob Colman built a well-respected and award-winning Human Resources
organization at Delta focused on training, leadership development and
performance management. Very shortly after the tragedy of September 11,
2001, Bob led a cross-functional team that developed and implemented
industry leading voluntary programs to reduce costs and staffing while
maintaining dignity and respect for each Delta team member. His leadership
in both corporate and community activities has benefited Delta in many
ways. Bob told me he is looking forward to spending time with his family,
and all of us wish him and his family well.” Colman is age 59.

Palumbo, 57, currently is a consultant with Airline Financial Services in
New York City. Prior positions include: executive vice president and chief
financial officer at Trans World Airlines; partner, HPF Associates, Inc.,
a financial consulting firm; senior vice president and transportation
group head, E.F. Hutton; senior vice president, finance, and treasurer,
Western Airlines; and, assistant treasurer, Pan American World Airways. He
held finance positions with Warner Lambert and Bankers Trust Company.

He also served as an adjunct professor of finance at the Farleigh
Dickinson University graduate school of business. He earned a Bachelor of
Arts in History at Marquette University and a Masters of Business
Administration at Farleigh Dickinson University. He serves on the Board of
Directors of Beverly Funding Corporation.


Palumbo said: “I am looking forward to the chance of working with Jerry
Grinstein again and the people at Delta. In my years in the industry,
Delta held a special place reserved for the very best. Working together, I
feel certain that we can restore profitability at Delta and regain its
proper place in the industry.”

Colman said: “It saddens me to leave Delta. I love this company, and my
family and I have enjoyed our association with Delta and its wonderful
people. I look forward, however, to the next phase of my life and to
spending more time with my family.”


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