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The leader of Delta Air Lines tells workers that he expects the coronavirus to recover during the spring.
CEO Ed Bastian writes in a New Year’s Day memorandum to employees that he expects 2021 to start with a deep depression like last year. But as vaccines become more available, he expects a turning point, especially in business travel. He says Delta should generate positive cash flow by spring.
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Bastian wrote that there is uncertainty about what the travel demand will look like once a large number of people are vaccinated, and that Delta should be ready and willing for change.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| DAL | DELTA AIR LINES INC. | 40.21 | -0.35 | -0.86% |
“As we have never experienced a global pandemic in our history, we also never need to create and execute a recovery plan for one,” Bastian wrote. “Our success depends on our cooperation, our willingness to be open to new ideas, our ability to adapt and our humility to realize that we will not always know the answers.”
GENERAL MOTORS POACHES DELTA CFO to fill financial seat
Air travel is less than half of what it was in 2019, but it recovered slightly from a staggering 96% decline in mid-April last year.
It is unclear how quickly vaccines will be distributed in the US. Over the past few weeks, Trump administration’s health officials have been talking about a goal to send enough vaccine by the end of the month to vaccinate 20 million Americans. Earlier this week, the government said 14 million doses had been sent, but only 2.8 million injections had been given. Officials said there has been a delay in reporting vaccinations, but it is still happening more slowly than expected. They expect the pace to increase next week.
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Elected president Joe Biden said Tuesday that the Trump administration has “fallen far behind” and promised to increase the pace as soon as he takes office on January 20. In early December, Biden promised to distribute 100 million shots in the first 100 days. of its administration.