TSA Checkpoint Traffic (National)
TSA Checkpoint traffic was down slightly this week, 8% lower than the week prior. Since over 1 million passengers travelled on October 18th, the daily number of passengers has not exceeded 1 million, averaging 790k per day. The daily average this week is 37% of what it was one year ago.
FAA Traffic (Regional)
FAA traffic out of ATL is down 3% vs last month and down 39% of what it was last year. A contributing factor for higher air traffic vs passenger traffic is that one of Delta’s hubs is out of ATL. Since Delta has continued to fly their planes at only 60% capacity, they must fly more planes to meet customer demand.
CFO Paul Jacobson stepped down from Delta this week, he plans on becoming the new CFO of General Motors. Ed Bastian is currently looks for a replacement, Gary Chase and Bill Carroll are taking over the position temporarily.
In the news
By Kelly Yamanouchi, The Atlanta Journal-Constitution
Bastian wrote in a memo to employees Friday that Jacobson led a team that raised nearly $30 billion in liquidity “essential to weathering the storm” and “has worked tirelessly throughout this year to save costs and protect our future.” He said he appreciated Jacobson’s leadership “through some of the darkest days of Delta’s history.”
As part of the airline’s cost cuts, Delta officers took 50% pay cuts through December, while other employees also had pay reduced by 25% or 50%.
Jacobson said in a written statement in General Motors’ announcement of his appointment effective Dec. 1 that “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.”
Anurag Kotoky and Angus Whitley
IATA, in a new analysis released last week, said total industry revenues next year are expected to be down 46% on 2019’s $838 billion. Without additional government financial relief, the median airline has just 8.5 months of cash remaining at current burn rates.