Fortune 500 CEO List 2018 PDF Download

BOARDROOM INSIDERS Executive List 2018 Fortune 500 Chief Executive Ofﬁcers

Boardroom Insiders compiled this list of Fortune 500 Chief Executive Ofﬁcers based on the most updated public information available as of January 1, 2018.

Boardroom Insiders’ database contains in-depth proﬁles on ALL of these executives — plus thousands more!

F-500 Rank Company Name Executive Name Title 1 Wal-Mart Stores, Inc. Doug McMillon President and CEO 2 Berkshire Hathaway Inc. Warren Buffett Chairman and CEO 3 Apple Inc. Tim Cook CEO 4 ExxonMobil Corporation Darren Woods Chairman and CEO 5 McKesson Corporation John Hammergren Chairman, President and CEO 6 UnitedHealth Group, Inc. David Wichmann CEO 7 CVS Health Larry Merlo President and CEO 8 General Motors Company Mary Barra Chairman and CEO 9 AT&T Inc. Randall Stephenson Jr. Chairman, CEO and President 10 Ford Motor Company James Hackett President and CEO 11 AmerisourceBergen Steven Collis Chairman, President and CEO 12 Amazon.com, Inc. Jeffrey Bezos Chairman, President and CEO 13 GE Company (General Electric Co.) John Flannery Chairman and CEO 14 Verizon Communications Inc. Lowell McAdam Chairman and CEO 15 Cardinal Health, Inc. Michael Kaufmann CEO 16 Costco Wholesale Corporation W. Craig Jelinek President and CEO 17 Walgreens Boots Alliance, Inc. Stefano Pessina Executive Vice Chairman and CEO 18 Kroger Company W. Rodney McMullen Chairman and CEO

19 Chevron Corporation Michael Wirth (effective Chairman and CEO February 1, 2018) 20 Fannie Mae Timothy Mayopoulos President and CEO 21 JPMorgan Chase & Co James Dimon Chairman and CEO 22 Express Scripts Inc. Timothy Wentworth President and CEO

2018 Fortune 500 Chief Executive Ofﬁcers

F-500 Rank Company Name Executive Name Title 23 Home Depot Craig Menear Chairman, CEO and President 24 Boeing Company Dennis Muilenburg Chairman, President and CEO 25 Wells Fargo & Company Timothy Sloan President and CEO 26 Bank of America Corporation Brian Moynihan Chairman and CEO 27 Alphabet Inc. Lawrence Page CEO 28 Microsoft Corporation Satya Nadella CEO 29 Anthem, Inc. Gail Boudreaux President and CEO 30 Citigroup Inc. Michael Corbat CEO 31 Comcast Corporation Brian Roberts Chairman and CEO IBM Corporation (International Business 32 Virginia Rometty Chairman, President and CEO Machines Corp.) State Farm Mutual Automobile Insurance 33 Michael Tipsord Chairman, President and CEO Company 34 Phillips 66 Company Greg Garland Chairman and CEO 35 Johnson & Johnson Alex Gorsky Chairman and CEO 36 Procter & Gamble Company David Taylor Chairman, President and CEO 37 Valero Energy Corporation Joseph Gorder Chairman, President and CEO 38 Target Corporation Brian Cornell Chairman and CEO 39 Freddie Mac Donald Layton CEO 40 Lowe's Companies, Inc. Robert Niblock Chairman, President and CEO 41 Dell Technologies Inc. Michael Dell Chairman and CEO 42 MetLife Inc. Steven Kandarian Chairman, President and CEO 43 Aetna Inc. Mark Bertolini Chairman and CEO 44 PepsiCo Inc. Indra Nooyi Chairman and CEO 45 Archer Daniels Midland Company Juan Luciano Chairman, President and CEO 46 United Parcel Service (UPS) David Abney Chairman and CEO 47 Intel Corporation Brian Krzanich CEO 48 Prudential Financial, Inc. John Strangfeld Jr. Chairman and CEO

F-500 Rank Company Name Executive Name Title 49 Albertsons LLC Robert Miller Chairman and CEO 50 United Technologies Corporation Gregory Hayes Chairman, President and CEO 51 Marathon Petroleum Corporation Gary Heminger Chairman and CEO 52 Walt Disney Company Robert Iger Chairman and CEO 53 Humana Inc. Bruce Broussard President and CEO 54 Pﬁzer Ian Read Chairman and CEO 55 American International Group Inc. Brian Duperreault President and CEO 56 Lockheed Martin Corporation Marillyn Hewson Chairman, President and CEO 57 SYSCO Corporation Thomas Bené President and CEO 58 FedEx Corporation Frederick Smith Chairman and CEO

59 Hewlett Packard Enterprise Company Antonio Neri (effective February CEO 1, 2018) 60 Cisco Systems, Inc. Chuck Robbins Chairman and CEO 61 HP Inc. Dion Weisler President and CEO

62 Dow Chemical Company In August 2017, Dow Chemical and DuPont merged to form DowDuPont Inc. 63 HCA Holdings, Inc. R. Milton Johnson Chairman and CEO 64 Coca-Cola Company James Quincey President and CEO 65 New York Life Insurance Company Theodore Mathas Chairman and CEO 66 Centene Corporation Michael Neidorff Chairman and CEO 67 American Airlines Group Inc. Doug Parker Chairman and CEO 68 Nationwide Mutual Insurance Company Stephen Rasmussen CEO 69 Merck & Co. Ken Frazier Chairman and CEO 70 CIGNA Corporation David Cordani President and CEO 71 Delta Air Lines, Inc. Edward Bastian CEO 72 Best Buy Co., Inc. Hubert Joly Chairman and CEO 73 Honeywell International Inc. Darius Adamczyk President and CEO 74 Caterpillar Inc. D. Jame Umpleby CEO

F-500 Rank Company Name Executive Name Title 74 Caterpillar Inc. D. Jame Umpleby CEO 75 Liberty Mutual Insurance Company David Long Chairman and CEO 76 Morgan Stanley James Gorman Chairman and CEO 77 Massachusetts Mutual Life Insurance Company Roger Crandall Chairman, President and CEO 78 Goldman Sachs Group, Inc. Lloyd Blankfein Chairman and CEO 79 Energy Transfer Equity, L.P. Kelcy Warren Chairman 80 TIAA Roger Ferguson President and CEO 81 Oracle Corporation Safra Catz & Mark Hurd Co-CEO 82 Tyson Foods Inc. Tom Hayes President and CEO 83 United Continental Holdings, Inc. Oscar Munoz CEO 84 Allstate Corporation Tom Wilson Chairman and CEO 85 Publix Super Markets Inc. Randall Jones Sr. President and CEO

86 American Express Company Stephen Squeri (effective Chairman and CEO February 1, 2018) 87 TJX Companies, Inc. Ernie Herrman President and CEO 88 Nike Inc. Mark Parker Chairman, President and CEO 89 Exelon Corporation Chris Crane President and CEO 90 General Dynamics Corporation Phebe Novakovic Chairman and CEO 91 Rite Aid Corporation John Standley Chairman and CEO 92 Gilead Sciences, Inc. John Milligan President and CEO 93 CHS Inc. Jay Debertin President and CEO 94 3M Company Inge Thulin Chairman, President and CEO 95 Time Warner Inc. Jeff Bewkes Chairman and CEO 96 Charter Communications, Inc. Thomas Rutledge Chairman and CEO 97 Northwestern Mutual Life Insurance Company John Schlifske Chairman and CEO 98 Facebook Mark Zuckerberg Founder, Chairman and CEO 99 Travelers Companies, Inc. Alan Schnitzer Chairman and CEO

F-500 Rank Company Name Executive Name Title 100 Capital One Financial Corporation Richard Fairbank Founder, Chairman and CEO 101 Twenty-First Century Fox, Inc. James Murdoch CEO 102 United Services Automobile Association (USAA) Stuart Parker CEO 103 World Fuel Services Corporation Michael Kasbar Chairman and CEO 104 Philip Morris International Inc. André Calantzopoulos CEO 105 Deere & Company Samuel Allen Chairman and CEO 106 Kraft Heinz Company Bernardo Hees CEO 107 Tech Data Corporation Robert Dutkowsky Chairman and CEO 108 Avnet Inc. William Amelio CEO 109 Mondelez International, Inc. Dirk Van de Put CEO

110 Macy's, Inc. Jeffrey Gennette (effective Chairman and CEO January 31, 2018) 111 AbbVie Inc. Richard Gonzalez Chairman and CEO 112 McDonald's Corporation Steve Easterbrook President and CEO In August 2017, DuPont and Dow Chemical DuPont (E.I. du Pont de Nemours and merged to form DowDuPont Inc., following 113 which Edward Breen was appointed as the Company) Chief Executive Ofﬁcer of the combined company. 114 Northrop Grumman Corporation Wesley Bush Chairman, CEO and President 115 ConocoPhillips Co. Ryan Lance Chairman and CEO 116 Raytheon Company Thomas Kennedy Chairman and CEO

117 Andeavor (Tesoro Corporation was rebranded as Gregory Goff Chairman, President and CEO Andeavor in August 2017.) 118 Arrow Electronics, Inc. Michael Long Chairman, President and CEO 119 Qualcomm Inc. Steve Mollenkopf CEO 120 Progressive Corporation Susan Grifﬁth President and CEO 121 Duke Energy Corporation Lynn Good Chairman, President and CEO 122 Enterprise Products Partners LP A. James Teague CEO

F-500 Rank Company Name Executive Name Title 123 Amgen Inc. Robert Bradway Chairman and CEO 124 US Foods, Inc. Pietro Satriano Chairman, President and CEO 125 US Bancorp Andrew Cecere President and CEO 126 Aﬂac Inc. Daniel Amos Chairman, President and CEO 127 Sears Holdings Corporation Edward Lampert Chairman and CEO 128 Dollar General Corporation Todd Vasos CEO 129 AutoNation Inc. Michael Jackson Chairman, President and CEO 130 Community Health Systems Inc. Wayne Smith Chairman and CEO 131 Starbucks Corporation Kevin Johnson President and CEO 132 Eli Lilly and Company David Ricks Chairman and CEO 133 International Paper Company Mark Sutton Chairman and CEO 134 Tenet Healthcare Corporation Ronald Rittenmeyer Executive Chairman and interim CEO 135 Abbott Laboratories Miles White Chairman and CEO 136 Dollar Tree Inc. Gary Philbin President and CEO 137 Whirlpool Corporation Marc Bitzer CEO 138 Southwest Airlines Gary Kelly Chairman and CEO 139 Emerson Electric Company David Farr Chairman and CEO 140 Staples, Inc. Shira Goodman CEO 141 Plains All American Pipeline, L.P. Greg Armstrong Chairman and CEO 142 Penske Automotive Group, Inc. Roger Penske Chairman and CEO 143 Union Paciﬁc Corporation Lance Fritz Chairman, President and CEO 144 Danaher Corporation Thomas Joyce, Jr. President and CEO 145 Southern Company Thomas Fanning Chairman, President and CEO 146 ManpowerGroup Jonas Prising Chairman and CEO 147 Bristol-Myers Squibb Company Giovanni Caforio Chairman and CEO 148 Altria Group, Inc. Martin Barrington Chairman, President and CEO 149 Fluor Corporation David Seaton Chairman and CEO

F-500 Rank Company Name Executive Name Title

Kevin Mansell (Mansell will 150 Kohl's Corporation step down in May 2018 and will be Chairman, CEO and President replaced by Michelle Gass.)

151 Lear Corporation Raymond Scott (effective President and CEO February 28, 2018) 152 Jabil Circuit Inc. Mark Mondello CEO 153 Hartford Financial Services Group, Inc. Christopher Swift Chairman and CEO 154 Thermo Fisher Scientiﬁc Inc. Marc Casper President and CEO 155 Kimberly-Clark Corporation Thomas Falk Chairman and CEO 156 Molina Healthcare Inc. Joseph Zubretsky President and CEO 157 PG&E Corporation Geisha Williams President and CEO 158 SUPERVALU INC. Mark Gross President and CEO 159 Cummins Inc. Norman Thomas Linebarger Chairman and CEO 160 CenturyLink, Inc. Glen Post, III CEO 161 AECOM Technology Michael Burke Chairman and CEO 162 Xerox Corporation Jeff Jacobson CEO 163 Marriott International Inc. Arne Sorenson President and CEO 164 PACCAR Inc. Ronald Armstrong CEO 165 General Mills Inc. Jeffrey Harmening Chairman and CEO 166 PNC Financial Services Group, Inc. William Demchak Chairman, President and CEO 167 American Electric Power Company Inc. Nicholas Akins Chairman, President and CEO 168 Icahn Enterprises L.P. Keith Cozza President and CEO 169 Nucor Corporation John Ferriola Chairman, CEO and President 170 NextEra Energy, Inc. James Robo Chairman, President and CEO 171 Performance Food Group George Holm President and CEO 172 PBF Energy Thomas Nimbley CEO 173 Halliburton Company Jeffrey Miller President and CEO 174 CarMax Inc. William Nash President and CEO

F-500 Rank Company Name Executive Name Title 175 Freeport-McMoRan Inc. Richard Adkerson Vice Chairman, President and CEO 176 Whole Foods Markets, Inc. John Mackey Co-Founder and CEO 177 Bank of New York Mellon Corporation Charles Scharf Chairman and CEO 178 Gap Inc. Art Peck President and CEO 179 Omnicom Group Inc. John Wren President and CEO 180 Genuine Parts Company Paul Donahue President and CEO 181 DaVita Healthcare Partners Inc. Kent Thiry Chairman and CEO 182 Colgate-Palmolive Company Ian Cook Chairman, President and CEO 183 PPG Industries Inc. Michael McGarry Chairman and CEO 184 Goodyear Tire & Rubber Company Richard Kramer Chairman, President and CEO 185 Synchrony Financial Margaret Keane President and CEO 186 DISH Network Corporation W. Erik Carlson President and CEO 187 Visa Inc. Alfred Kelly, Jr. CEO 188 Nordstrom Inc. Blake Nordstrom Co-President 189 INTL FCStone Inc. Sean O'Connor President and CEO 190 WestRock Company Steve Voorhees CEO 191 XPO Logistics, Inc. Bradley Jacobs CEO 192 ARAMARK Corporation Eric Foss Chairman, President and CEO 193 CBS Corporation Leslie Moonves Chairman and CEO 194 AES Corporation, The Andrés Gluski President and CEO 195 WellCare Health Plans Ken Burdick CEO 196 FirstEnergy Corp. Charles Jones Jr. President and CEO 197 Conagra Brands, Inc. Sean Connolly President and CEO 198 SYNNEX Corporation Kevin Murai President and CEO 199 CDW Corporation Thomas Richards Chairman and CEO 200 Textron Inc. Scott Donnelly Chairman, President and CEO 201 Waste Management James Fish Jr. President and CEO

F-500 Rank Company Name Executive Name Title 202 Illinois Tool Works E. Scott Santi Chairman and CEO 203 Ofﬁce Depot, Inc. Gerry Smith CEO 204 Monsanto Company Hugh Grant Chairman and CEO 205 Cognizant Technology Solutions Corporation Francisco D'Souza CEO 206 Texas Instruments Inc. Richard Templeton Chairman, President and CEO 207 Lincoln National Corporation Dennis Glass President and CEO 208 Newell Brands Inc. Michael Polk CEO 209 Land O'Lakes Inc. Christopher Policinski President and CEO 210 Marsh & McLennan Companies, Inc. Daniel Glaser President and CEO 211 Ecolab Inc. Douglas Baker Jr. Chairman and CEO 212 C.H. Robinson Worldwide, Inc. John Wiehoff Chairman and CEO 213 LOEWS Corporation James Tisch President and CEO 214 CBRE Group Inc. Robert Sulentic President and CEO 215 Kinder Morgan Inc. Steven Kean President and CEO 216 Kellogg Company Steven Cahillane President and CEO 217 Western Digital Corporation Stephen Milligan CEO 218 Guardian Life Insurance Company of America Deanna Mulligan President and CEO 219 Ross Stores, Inc. Barbara Rentler CEO 220 L Brands, Inc. Leslie Wexner Chairman and CEO 221 J. C. Penney Company, Inc. Marvin Ellison Chairman and CEO 222 Farmers Insurance Exchange Jeffrey Dailey CEO 223 Reynolds American Inc. Ricardo Oberlander President and CEO 224 Viacom Inc. Robert Bakish President and CEO 225 Becton, Dickinson and Company Vincent Forlenza Chairman and CEO 226 Micron Technology Inc. Sanjay Mehrotra President and CEO 227 Principal Financial Group, Inc. Daniel Houston Chairman, President and CEO

F-500 Rank Company Name Executive Name Title

228 Arconic Inc. Charles Blankenship Jr. CEO (effective January 15, 2018) 229 NRG Energy Inc. Mauricio Gutierrez President and CEO 230 VF Corporation Steve Rendle Chairman, President and CEO 231 Devon Energy Corporation David Hager President and CEO 232 D.R. Horton Inc. David Auld President and CEO 233 Bed Bath & Beyond Inc. Steven Temares CEO 234 Consolidated Edison, Inc. John McAvoy Chairman and CEO 235 Edison International Pedro Pizarro President and CEO 236 Sherwin-Williams Company John Morikis Chairman, President and CEO 237 NGL Energy Partners LP. Michael Krimbill CEO 238 Dominion Resources Inc. Thomas Farrell II Chairman, President and CEO 239 Ameriprise Financial Inc. James Cracchiolo Chairman and CEO 240 Automatic Data Processing, Inc. (ADP) Carlos Rodriguez President and CEO 241 Hilton Worldwide Christopher Nassetta President and CEO 242 First Data Corporation Frank Bisignano Chairman and CEO 243 Henry Schein Inc. Stanley Bergman Chairman and CEO 244 Toys R Us Inc. David Brandon Chairman and CEO 245 BB&T Corporation Kelly King Chairman and CEO 246 Reinsurance Group of America, Inc. Anna Manning President and CEO 247 Core-Mark Holding Company, Inc. Thomas Perkins CEO 248 Biogen, Inc. Michel Vounatsos CEO 249 Las Vegas Sands Corp. Sheldon Adelson Chairman and CEO 250 Stanley Black & Decker, Inc. James Loree President and CEO 251 Parker Hanniﬁn Corporation Thomas Williams Chairman and CEO 252 Stryker Corporation Kevin Lobo Chairman and CEO 253 Estee Lauder Companies Inc. Fabrizio Freda President and CEO 254 Celgene Corporation Mark Alles CEO

F-500 Rank Company Name Executive Name Title 255 BlackRock Inc. Laurence Fink Chairman and CEO 256 Xcel Energy Inc. Benjamin Fowke, III Chairman, President and CEO 257 CSX Corporation Jim Foote President and CEO 258 Unum Group Richard McKenney President and CEO 259 Jacobs Engineering Group Inc. Steven Demetriou Chairman, President and CEO 260 Lennar Corporation Stuart Miller CEO 261 Group 1 Automotive Inc. Earl Hesterberg President and CEO 262 Leucadia National Corporation Richard Handler CEO 263 Entergy Corporation Leo Denault Chairman and CEO 264 PayPal Holdings, Inc. Daniel Schulman President and CEO 265 Applied Materials, Inc. Gary Dickerson President and CEO 266 Voya Financial, Inc. Rodney Martin, Jr. Chairman and CEO 267 Mastercard Incorporated Ajay Banga President and CEO 268 Priceline Group Inc. Glenn Fogel President and CEO 269 Liberty Interactive Corporation Gregory Maffei President and CEO 270 AutoZone Inc. William Rhodes III Chairman, President and CEO 271 State Street Corporation Joseph Hooley III Chairman and CEO 272 DTE Energy Company Gerard Anderson Chairman and CEO 273 L3 Technologies Christopher Kubasik CEO 274 HollyFrontier Corporation George Damiris President and CEO 275 Praxair Inc. Steve Angel Chairman and CEO 276 Universal Health Services, Inc. Alan Miller Founder, Chairman and CEO 277 Discover Financial Services David Nelms Chairman and CEO 278 Occidental Petroleum Corporation Vicki Hollub President and CEO 279 US Steel Corporation David Burritt President and CEO 280 Sempra Energy Company Debra Reed Chairman, President and CEO 281 Baxter International Inc. José Almeida Chairman, President and CEO

F-500 Rank Company Name Executive Name Title 282 W.W. Grainger Inc. Donald Macpherson Chairman and CEO 283 Autoliv, Inc. Jan Carlson Chairman, President and CEO 284 Norfolk Southern Corporation James Squires Chairman, President and CEO 285 Baker Hughes Inc. Lorenzo Simonelli Chairman, President and CEO

286 Ally Financial Inc. (Formerly known as GMAC Financial Jeffrey Brown CEO Services) 287 Sonic Automotive Inc. Bryan Smith Co-Founder, President and CEO 288 Owens & Minor Inc. Paul Phipps Chairman, President and CEO 289 Huntsman Corporation Peter Huntsman Chairman, President and CEO 290 Laboratory Corporation of America Holdings David King Chairman, President and CEO 291 Murphy USA R. Andrew Clyde President and CEO 292 Advance Auto Parts Inc. Thomas Greco President and CEO 293 Fidelity National Financial Inc. Raymond Quirk CEO 294 Air Products and Chemicals Inc. Seifollah Ghasemi Chairman, President and CEO 295 Hormel Foods Corporation James Snee Chairman, President and CEO 296 Hertz Global Holdings, Inc. Kathryn Marinello President and CEO 297 MGM Resorts International James Murren Chairman and CEO 298 Corning Inc. Wendell Weeks Chairman and CEO 299 Republic Services, Inc. Donald Slager President and CEO 300 Alcoa Corporation Roy Harvey President and CEO 301 Fidelity National Information Services Inc. Gary Norcross President and CEO 302 Paciﬁc Life Insurance Company James Morris Chairman, President and CEO 303 SunTrust Banks Inc. William Rogers, Jr. Chairman and CEO 304 LKQ Corporation, Inc. Dominick Zarcone President and CEO 305 BorgWarner Inc. James Verrier President and CEO 306 Ball Corporation John Hayes Chairman, President and CEO CST Brands was acquired by Alimentation 307 CST Brands, Inc. Couche-Tard in June 2017.

F-500 Rank Company Name Executive Name Title 308 Public Service Enterprise Group Inc. Ralph Izzo Chairman, President and CEO 309 Eastman Chemical Company Mark Costa Chairman and CEO 310 eBay Inc. Devin Wenig President and CEO 311 Mohawk Industries Inc. Jeffrey Lorberbaum Chairman and CEO 312 ONEOK Inc. Terry Spencer President and CEO 313 Frontier Communications Corporation Daniel McCarthy President and CEO 314 Netﬂix, Inc. Reed Hastings Founder and CEO 315 American Family Insurance Group Jack Salzwedel Chairman and CEO 316 Thrivent Financial for Lutherans Bradford Hewitt CEO 317 Expedia, Inc. Mark Okerstrom President and CEO 318 Lithia Motors Inc. Bryan DeBoer President and CEO 319 Avis Budget Group Inc. Larry De Shon President and CEO 320 Reliance Steel & Aluminum Company Gregg Mollins President and CEO J. Paul Raines (Raines is 321 GameStop Corporation currently on medical leave, Daniel CEO A. DeMatteo is currently the interim CEO of the company) 322 Tenneco Inc. Brian Kesseler CEO 323 O'Reilly Automotive, Inc. Greg Henslee CEO 324 Peter Kiewit Sons' Inc. Bruce E. Grewcock Chairman and CEO 325 United Natural Foods Inc. Steven Spinner Chairman, President and CEO 326 Salesforce.com Inc. Marc Benioff Chairman and CEO 327 Boston Scientiﬁc Corporation Michael Mahoney Chairman and CEO 328 Newmont Mining Corporation Gary Goldberg President and CEO 329 Genworth Financial Inc. Thomas McInerney President and CEO 330 Live Nation Entertainment, Inc. Michael Rapino President and CEO 331 Veritiv Corporation Mary Laschinger Chairman and CEO 332 News Corporation Robert Thomson CEO

F-500 Rank Company Name Executive Name Title 333 Crown Holdings, Inc. Timothy Donahue President and CEO 334 Global Partners LP Eric Slifka President and CEO 335 PVH Corp. Manny Chirico Chairman and CEO Level 3 Communications was acquired by 336 Level 3 Communications Inc. CenturyLink in November 2017. 337 Navistar International Corporation Troy Clarke Chairman, President and CEO 338 Univar Inc. Stephen Newlin Chairman and CEO 339 Campbell Soup Company Denise Morrison President and CEO 340 Dick's Sporting Goods, Inc. Edward Stack Chairman and CEO 341 Weyerhaeuser Company Doyle Simons President and CEO 342 Mutual of Omaha Companies James Blackledge CEO 343 Chesapeake Energy Corporation Robert Lawler President and CEO 344 Anadarko Petroleum Corporation Robert Walker Chairman, President and CEO 345 Interpublic Group of Companies Inc. Michael Roth Chairman and CEO 346 J.M. Smucker Company Mark Smucker President and CEO 347 Steel Dynamics Inc. Mark Millett President and CEO 348 Foot Locker, Inc. Richard Johnson Chairman, President and CEO Western Reﬁning was acquired by Tesoro in 349 Western Reﬁning Inc. March 2017 and was rebranded as Andeavor. 350 SpartanNash Company Dave Staples President and CEO 351 Dean Foods Company Ralph Scozzafava CEO 352 Zimmer Biomet Holdings Bryan Hanson President and CEO 353 Pulte Group Inc. Ryan Marshall President and CEO 354 W. R. Berkley Corporation W. Robert Berkley, Jr. President and CEO 355 Quanta Services Earl Austin, Jr. President, CEO and COO 356 EOG Resources Inc. William Thomas Chairman and CEO 357 Charles Schwab Corporation Walter Bettinger II President and CEO 358 Eversource Energy James Judge Chairman, President and CEO

F-500 Rank Company Name Executive Name Title 359 Anixter International Inc. Robert Eck CEO 360 Emcor Group Inc. Anthony Guzzi President and CEO 361 Assurant Inc. Alan Colberg President and CEO 362 CenterPoint Energy Scott Prochazka President and CEO 363 Harris Corporation William Brown Chairman, President and CEO 364 HD Supply Joseph DeAngelo Chairman and CEO 365 PPL Corporation William Spence Chairman, President and CEO 366 Quest Diagnostics Inc. Stephen Rusckowski Chairman, President and CEO 367 Williams Companies Inc. Alan Armstrong President and CEO Allen Leverett (Allen Leverett is 368 WEC Energy Group on medical leave and Gale Klappa President and CEO acts as Interim CEO of the company.) 369 Hershey Company Michele Buck President and CEO 370 AGCO Corporation Martin Richenhagen Chairman, President and CEO 371 Polo Ralph Lauren Corporation Patrice Louvet President and CEO 372 Masco Corporation Keith Allman President and CEO 373 WESCO International Inc. John Engel Chairman, President and CEO 374 LifePoint Health, Inc. William Carpenter III Chairman and CEO 375 National Oilwell Varco Inc. Clay Williams Chairman, CEO and President 376 Kindred Healthcare Inc. Benjamin Breier President and CEO 377 Mosaic Company James O’Rourke President and CEO 378 Alliance Data Systems Corporation Edward Heffernan President and CEO Computer Science Corporation merged with 379 Computer Sciences Corporation HP Enterprise Services in April 2017 to create DXC Technology. 380 Huntington Ingalls Industries, Inc. C. Michael Petters President and CEO 381 Leidos, Inc. Roger Krone Chairman and CEO 382 Erie Insurance Group Timothy NeCastro President and CEO

F-500 Rank Company Name Executive Name Title 383 Tesla Inc. Elon Musk Chairman, Product Architect and CEO 384 Ascena Retail Group Inc. David Jaffe Chairman and CEO 385 Darden Restaurants, Inc. Eugene Lee Jr. President and CEO 386 Harman International Industries Inc. Dinesh Paliwal President and CEO 387 NVIDIA Jen-Hsun Huang Founder, President and CEO 388 R.R. Donnelley & Sons Company Daniel Knotts President and CEO 389 Fifth Third Bancorp Gregory Carmichael President and CEO

390 Quintiles IMS Holdings, Inc. (Company name Ari Bousbib Chairman and CEO changed to IQVIA Holdings Inc.) 391 Jones Lang LaSalle, IP, Inc. Christian Ulbrich CEO 392 Dover Corporation Robert Livingston President and CEO 393 Spirit AeroSystems, Inc. Thomas Gentile President and CEO 394 Ryder System Inc. Robert Sanchez Chairman and CEO 395 A-Mark Precious Metals, Inc. Gregory Roberts CEO 396 Tractor Supply Company Gregory Sandfort CEO 397 Sealed Air Corporation Edward Doheny II President and CEO 398 Auto-Owners Insurance Group Jeffrey Tagsold President and CEO

399 Yum China Holdings Joey Wat (effective March 1, CEO 2018) 400 Calpine Corporation John Hill President and CEO 401 Owens-Illinois Inc. Andres Lopez CEO 402 Targa Resources Corporation Joe Bob Perkins CEO 403 JetBlue Airways Corporation Robin Hayes President and CEO 404 Edward Jones James Weddle Managing Partner 405 Franklin Resources Inc. Gregory Johnson Chairman and CEO 406 Activision Blizzard Inc. Bobby Kotick CEO 407 J.B. Hunt Transport Services Inc. John Roberts III President and CEO 408 Constellation Brands Inc. Robert Sands President and CEO

F-500 Rank Company Name Executive Name Title 409 NCR Corporation William Nuti Chairman and CEO 410 Asbury Automotive Group Craig Monaghan President and CEO Carl Lindner III & Craig 411 American Financial Group Inc. Co-CEO and Co-President Lindner 412 Discovery Communications, Inc. David Zaslav President and CEO 413 Berry Global Group, Inc. Thomas Salmon CEO 414 Sanmina Corporation Robert Eulau President and CEO 415 CalAtlantic Group, Inc. Larry Nicholson President and CEO 416 Dr Pepper Snapple Group Larry Young President and CEO 417 Dillard's Inc. William Dillard II Chairman and CEO 418 HRG Group, Inc. Joseph Steinberg Chairman and CEO 419 CMS Energy Corporation Patricia Poppe President and CEO 420 Graybar Electric Company Inc. Kathleen Mazzarella Chairman, President and CEO 421 Builders FirstSource, Inc. Floyd Sherman CEO 422 Yum! Brands, Inc. Greg Creed CEO 423 Casey's General Stores, Inc. Terry Handley President and CEO 424 Amphenol Corporation Richard Norwitt President and CEO 425 Oshkosh Corporation Wilson Jones President and CEO 426 iHeartMedia, Inc. Robert Pittman Chairman and CEO 427 TreeHouse Foods Inc. Sam Reed Chairman, President and CEO 428 Alleghany Corporation Weston Hicks President and CEO 429 Expeditors International of Washington, Inc. Jeffrey Musser President and CEO 430 Avery Dennison Corporation Mitchell Butier President and CEO 431 Ameren Corporation Warner Baxter Chairman, President and CEO 432 Hanesbrands Inc. Gerald Evans Jr. CEO 433 Motorola Solutions, Inc. Gregory Brown Chairman and CEO St. Jude Medical was acquired by Abbott 434 St. Jude Medical, Inc. Laboratories in January 2017.

F-500 Rank Company Name Executive Name Title 435 Harley-Davidson Inc. Matt Levatich President and CEO 436 Regions Financial Corporation Grayson Hall, Jr. Chairman and CEO 437 IntercontinentalExchange Group, Inc. Jeffrey Sprecher Founder, Chairman and CEO 438 Alaska Air Group Inc. Brad Tilden Chairman and CEO 439 Old Republic International Corporation Aldo Zucaro Chairman and CEO 440 Lam Research Corporation Martin Anstice President and CEO 441 AK Steel Holding Corporation Roger Newport CEO 442 Rockwell Automation Inc. Blake Moret Chairman, President and CEO 443 Adobe Systems Inc. Shantanu Narayen Chairman, President and CEO

444 Avon Products Inc. Sheri McCoy (McCoy will step CEO down in March 2018.) 445 Terex Corporation John Garrison, Jr. President and CEO 446 NVR Inc. Paul Saville President and CEO 447 Dana Incorporated James Kamsickas President and CEO 448 Realogy Holdings Corp. Ryan Schneider CEO 449 American Tower Corporation James Taiclet, Jr. Chairman, President and CEO 450 Packaging Corporation of America Mark Kowlzan Chairman and CEO 451 Citizens Financial Group, Inc. Bruce Van Saun Chairman and CEO 452 United Rentals Inc. Michael Kneeland President and CEO 453 Clorox Company Benno Dorer Chairman and CEO 454 Genesis Healthcare, Inc. George Hager, Jr. CEO 455 M&T Bank René Jones Chairman and CEO 456 Ingredion Incorporated James Zallie President and CEO 457 UGI Corporation John Walsh President and CEO 458 Owens Corning Mike Thaman Chairman and CEO 459 S&P Global Inc. Douglas Peterson President and CEO Thomas Gayner & Richard 460 Markel Corporation Co-CEO Whitt, III

F-500 Rank Company Name Executive Name Title 461 Wyndham Worldwide Corporation Stephen Holmes Chairman and CEO 462 Arthur J. Gallagher & Co. Patrick Gallagher Jr. Chairman, President and CEO 463 Burlington Stores, Inc. Thomas Kingsbury Chairman, President and CEO 464 First American Financial Corporation Dennis Gilmore CEO 465 Symantec Corporation Greg Clark CEO 466 Patterson Companies, Inc. Mark Walchirk President and CEO 467 Olin Corporation John Fischer Chairman, President and CEO 468 NetApp George Kurian CEO 469 Raymond James Financial Inc. Paul Reilly Chairman and CEO 470 TravelCenters of America, LLC Andrew Rebholz CEO 471 Fiserv Inc. Jeffery Yabuki President and CEO 472 Host Hotels & Resorts Inc. James Risoleo President and CEO 473 Insight Enterprises, Inc. Ken Lamneck President and CEO 474 Mattel Inc. Mary Margaret Georgiadis CEO 475 AmTrust Financial Services, Inc. Barry Zyskind Chairman, President and CEO 476 Cincinnati Financial Corporation Steven Johnston President and CEO 477 Simon Property Group Inc. David Simon Chairman and CEO 478 Western Union Company Hikmet Ersek President and CEO 479 KeyCorp Beth Mooney Chairman and CEO 480 Delek US Holdings, Inc. Ezra Uzi Yemin Chairman, President and CEO 481 Booz Allen Hamilton Inc. Horacio Rozanski President and CEO 482 Chemours Company Mark Vergnano President and CEO 483 Western & Southern Financial Group John Barrett Chairman, President and CEO 484 Celanese Corporation Mark Rohr Chairman and CEO 485 Windstream Communications Anthony Thomas President and CEO 486 Seaboard Corporation Steven Bresky Chairman, President and CEO 487 Essendant, Inc. Ric Phillips President and CEO

F-500 Rank Company Name Executive Name Title 488 Apache Corporation John Christmann, IV President and CEO 489 Airgas, Inc. Pascal Vinet CEO, Airgas and VP, Air Liquide 490 Kelly Services Inc. George Corona President and CEO 491 Liberty Media Corporation Gregory Maffei President and CEO 492 Rockwell Collins Inc. Robert Ortberg Chairman, President and CEO 493 Robert Half Harold Messmer, Jr. Chairman and CEO CH2M HILL was acquired by Jacobs 494 CH2M HILL Engineering in December 2017. 495 Big Lots Inc. David Campisi President and CEO 496 Michaels Stores Inc. Carl Rubin Chairman and CEO 497 Toll Brothers Inc. Douglas Yearley, Jr CEO (Yahoo was acquired by Verizon 498 Yahoo! Inc. Communication in June 2017.) 499 Vistra Energy Curtis Morgan President and CEO 500 ABM Industries Inc. Scott Salmirs President and CEO

Edward H. (Ed) Bastian CEO, Delta Air Lines, Inc

Executive Summary

Bastian has served as Chief Executive Officer of Delta Air Office Address Lines since May 2016. Most recently he was President of the Company. Previously, he served as Executive Vice President 1030 Delta Blvd. and Chief Financial Officer of Delta Air Lines. He also served Atlanta, GA, 30320-6001 as Chief Restructuring Officer between 2005 and 2007, (p) 404-715-2600 playing a crucial role in the airline’s swift and successful Chapter 11 reorganization. Bastian joined Delta back in 1998 (e) [email protected] as Vice President of Finance and Controller and was promoted to Senior Vice President in 2000. He left Delta in early 2005 Personal Interests to become Senior Vice President and Chief Financial Officer of Acuity Brands and returned back in July 2005. Prior to that, • Running he was employed by PepsiCo, serving as Vice President of • Marathons Finance for Pepsi Cola International, Vice President of • Skiing Business Processes reengineering for Frito-Lay and Vice • Golf President of Finance and Controller for Frito-Lay International. Earlier in his career, he was a partner in the New York audit practice of Price Waterhouse specializing in the entertainment, advertising and manufacturing sectors. He also served as the strategic planning partner for Price Waterhouse’s New York Region.

Personal Attributes and Interests

• Bastian grew up in upstate New York as the oldest of nine kids. His dad was a dentist who practiced his craft in a room inside their house. His mom was a hygienist who worked for him in the house. He said, “It was always fast-paced with nine kids running around. My father insisted on quiet, so there was an incentive to be out of the house. You learn to be independent. My parents set high expectations, which had something to do with my internal drive.”

Copyright 2018 Boardroom Insiders21 www.boardroominsiders.com • In an interview with AJC.com in September 2014, Bastian said, “I was always good in math in school. I found myself taking accounting classes in college. They turned out to be a great entry vehicle into the business world. Accounting is the language of business. If you have a good understanding of how the numbers come together, it allows you to look across a wider business span. You can grow substantially in your career.”

•Commenting on the lesson he learned while at PepsiCo, he said, “The importance of making quick, timely decisions. That way, you’re not putting a whole lot of pressure on any one decision. If you defer making a decision until it grows into a big issue, then you have a much greater risk. But if you make a lot of decisions quickly, your batting average improves. Also, you have to make fact-based decisions, not emotionally based ones.”

•In 2008 he received an honorary degree from St. Bonaventure University.

•He and his wife, Anna, have a heart for justice issues and have started the Bastian Center for the Study of Human Trafﬁcking at Indiana Wesleyan University.

•He used to be a member of the board of directors for Habitat for Humanity International

•In 2012 the couple donated $250,000 to St. Bonaventure University’s School of Business Campaign. Upon being named CEO in 2016, he recalled, "When I came back to the company in 2005 we were at our absolute darkest days. That was pretty frightening. We weren’t quite certain we were going to make it – in fact, a lot of people were counting us out. But the opportunity was there to rally the team, to rally the Delta culture and to put the structure and the tools in place to make our people successful. It was that combination that was the secret sauce that allowed us to turn things around...Whenever I talk about those times I let everyone know that I continue to wear those scars, and I don’t want to forget. I won’t ever forget. I remember what it took to get this thing turned around, and I will never let this company get into that kind of jeopardy again.”

• When asked to describe his leadership style he said, "collaborative. I like to listen. We’ve got a lot of smart people around the company, and I like to learn from them. I consider myself a learner. At the same time I also like to get decisions taken quickly. I’ve learned that you can’t study a decision too long before you make it. I always want to make sure I hear what is going on. This is a massive enterprise, we’ve got a lot of important moving pieces that interact one with the next. Getting feedback, getting all the points of view that are on the table, but then

• About outgoing CEO Richard Anderson, Bastian said, "Richard is a friend; he’s a brother. I’ve lived with him, I’ve spent more time with Richard than his wife, unfortunately. But it’s been good, we have a bond together. You have that bond any time you’ve gone through a battle together, because that’s what it’s been it’s been, a battle to get this company to where it’s at today. A lot of people tried to knock us off – takeover attempts, ﬁnancial hedge funds, foreign government-owned subsidized carriers trying to take our markets –we’ve run the gamut of people who have come after us. We’ve been very fortunate and blessed to come out ahead on those battles, but there are going to be more wars to ﬁght and Richard has got the team prepared to go in."

•He said, "We have a home in West Palm Beach, Fla., and when I can get down there for the weekend it’s a great escape, it puts me in a different environment. It gets my head cleared. I love to be active – most people know I ran the marathon in New York last year. That was an undertaking I did, not really to do the running but to put myself in a position that I was uncomfortable in. I learned a lot about willpower and what I can endure. I had a great time doing that and learned more about myself doing that marathon than most other things. I also love to ski and golf and to be around good friends. I love to be around my four children and my wife, Anna. We have a pretty active life and I enjoy spending it with my family."

Current Focus

•How Tech Will Change Flying: Over the past 18 months, Bastian has worked to maintain Delta's profitability while investing heavily in new aircraft and technology, Business Insider reported in a December 2017 article. The author cited Delta's computer outage issues as a plague to the industry. According to Bastian, one of the major issues behind outages is the archaic technology platforms that power the airline industry. The systems are still around because airlines simply did not have the money to invest in new technology. After all, the article said, the years following 9/11 and the financial crisis were not kind to the airlines. "Many of us went through a Chapter 11 bankruptcy and restructuring," Bastian said. "The only money we had to spend on technology was just to keep the lights on." "It was all about 'break' 'fix' which means if something breaks you fix it. There was no innovation," he added. Bastian called the 10-year period after 9/11 a "lost decade where (Delta) was under-invested in a lot of areas with technology probably being the largest." When Delta finally started making money again, there were much more pressing issues that required funds ahead of the computer systems. We

Copyright 2018 Boardroom Insiders23 www.boardroominsiders.com • had a number of things we had to invest in and the most important thing was our people," Bastian said. "People had taken pay cuts. There were job losses and we needed to restore some of their faith in our company." He said the overall pay is up 80% since 2008. "Our people get the first fruits, and then we had to invest in airplanes, airport experience, and maintenance, so technology tended to lag in that cycle," he added. Now, it's just a matter of having enough personnel and bandwidth to get to all of the projects and upgrades the company wants to make, Bastian said. Over the year 2017, Delta built a new data center to shore up stability issues within its computer network, while simultaneously launching experimental projects featuring biometrics and facial recognition technology at airport terminals. With resources in hand, Delta has the opportunity to do some incredible things in terms of technology beyond just reinforcing its data centers and computer networks. Some airlines see technology as a potential money maker by turning their planes into flying e- commerce machines with hundreds of captive customers. Bastian said he isn’t' interested in going down that route. Instead, he wants tech to help Delta better understand and interact with its customers. In turn, improving the flying experience and strengthening Delta's core business. "I've told our people that next to them, technology has to be our competitive advantage," Bastian said. "We are in the business of building relationships and our technology allows us to build intimate relationships with 180 million customers a year and you can only do that through technology." Bastian's big technology goal in 2018 is what he calls "building a single view of the customer." That means unifying all of Delta's various customer databases to create a more holistic view of and a better understanding of the people who fly with Delta. "The real opportunity for us is to get a better view of who you are so that we can better serve you," he said. "We can get you what you need before you even realize you need it and be able to better take care of your needs not just from a sales standpoint, but more importantly, from an experience standpoint."

•Jet Deal with Airbus: In December 2017, Delta Air announced an order for 100 Airbus A321neo jets with an option for 100 more, USA Today reported. Delta said the new planes, which will be powered by Pratt & Whitney engines, will begin arriving to the airline in 2020 with deliveries continuing through 2023. The deal would be worth up to $12.7 billion at list prices. “This is the right transaction at the right time for our customers, our employees and our shareholders,” Bastian said. “Delta, Airbus and Pratt & Whitney share the same commitment to safety, efﬁciency, innovation and continuously improving the customer experience.” The new 197-seat airliner is part of a strategy to offer bigger single-aisle airplanes on many domestic routes and shorter international ﬂights. Delta said the airplanes will consume 40% less fuel per passenger than the 1980s-era McDonnell Douglas MD-88s that

Copyright 2018 Boardroom Insiders24 www.boardroominsiders.com • they will replace. Delta will configure its A321neos with 197 seats. The layout will include 20 first-class seats and 30 extra-legroom coach seats, which the airline brands as “Delta Comfort+.” The remaining 147 seats will be standard coach seats. Passengers flying on the new jets will have access to on-demand in-flight entertainment and satellite- based 2Ku in- flight Wi-Fi. Power ports will be available at every seat and Delta said the cabins on the A321neos will feature “expansive, 25% -larger bookshelf-style overhead bins and full spectrum LED cabin lighting.” Delta also said it would become a major maintenance provider for the Pratt & Whitney engines powering the aircraft. That opens up a new revenue stream for Delta’s TechOps unit, which serves other airlines in addition to Delta. Pratt, a unit of United Technologies, has committed to use TechOps for more than 5,000 engine repairs and overhauls. That helps create a $15 billion sales opportunity in the long term, Bastian said.

•New Terminal at LaGuardia Airport: In August 2017, Delta Air Lines broke ground on a $4 billion terminal facility at the new LaGuardia Airport, reported Business Insider. The new LaGuardia will be nation's first brand new airport to open for business since Denver International in 1995. Delta will contribute $3.4 billion towards the facility while the Port Authority of New York and New Jersey will kick in $600 million. The Delta facility is just one portion of the $8 billion rebuilding of LaGuardia. Under the new plan, LaGuardia Airport will be unified under one roof instead of the current layout which features multiple terminal buildings. Delta will occupy the eastern end of the new terminal building while American, United, JetBlue, Southwest, and Air Canada will operate from the western end, which has been under construction since summer 2016. "We know the new LaGuardia is one that New Yorkers will be proud to call their hometown airport," Bastian said. "And we are confident that this investment will further cement Delta as the No. 1 airline in New York, with the best customer service and experience on the ground as well as in the air."

•Four Key Themes: In July 2017, Bastian told analysts, “Our financial path forward focuses on four key themes, first, delivering top-line and unit revenue growth, we’ll continue to invest in our network, our product and our partnerships for the future. That’s what drives our revenue and Brand Premium, as well as strong customer loyalty to create a durable top-line. Second, is maintaining measured and disciplined capacity growth. Strong financially healthy companies grow and we believe keeping our capacity at or below GDP over time is the appropriate level to ensure we can deliver consistent net revenue growth. This should allow us to balance capital investment, supply, and demand, and ensure the momentum in the business continues. Third, is driving cost productivity to keep our non-fuel cost growth below 2% over the long- term. This allows the bulk of the benefits of our commercial initiatives to fall to the bottom

Copyright 2018 Boardroom Insiders25 www.boardroominsiders.com • line, so we can deliver on the margin and cash flow targets. And, finally, being disciplined about our capital allocation, our goal is to invest roughly half of our operating cash flow back into the business, while the other half being put towards achieving our balance sheet goals and targeted returns to our owners.”

•Initiatives: President Glen Hauenstein told analysts in July 2017, “...as we think about what’s going to drive our commercial performance going forward, I break our initiatives into three broad categories.

• First, creating a more global and efficient network, making sure we not only have the right overall level of capacity but also we’re putting the right number of seats in the right aircraft at the places. Our domestic growth is being driven by a multiyear up-gauging initiative, which is producing over 70% of our incremental seats this year. In 2017, we will continue to add more A321s and 737-900’s to replace older narrow-bodies and take out additional 50 seat regional jets. With larger aircraft, we can offer more Premium product, supporting our revenue strategy, while being more cost-efficient. Internationally, we’re focused on reorienting our network around our partners’ hubs. In Latin, we’re moving quickly to implement our JV with Aeromexico, optimizing our schedules to maximize connecting opportunities for customers via hubs in Mexico City and Monterey. In the Pacific, between the Korean joint venture and our strong alliance with China Eastern, we have two partners with leading Asia hubs in Seoul and Shanghai, and soon we’ll be adding a hub in Beijing. The combination of these partners in our wide-body fleet initiatives will allow us to reduce our alliance on Tokyo-Narita and enhance our profitability in the Pacific moving forward. In Transatlantic almost 60% of our capacity this quarter was deployed in partner hubs where efficiency and connectivity drive superior margins. We are also focused on increasing seasonal flying to better align capacity with demand and to that end, we added five new seasonal routes for this summer and are encouraged by the solid margins we are producing. • The second broad group of initiatives is focused on providing an innovative customer experience, making sure that we’re investing in products and services our customers value. This along with industry-leading reliability and the best people in the industry is what drives higher net promoter scores and ultimately leads to sustained revenue premiums. On board, we’re investing in reliable high-speed Wi-Fi, upgraded interiors, in- seat entertainment and improve food and snacks. In our terminals, we have multiple projects across our system to bring the airport of the future to our customers today. And we continue to lead the industry on innovative customer solutions like RFID bag checking, biometric self-service bag drop kiosks and biometric boarding passes. We are

Copyright 2018 Boardroom Insiders26 www.boardroominsiders.com • focused on continuing to make our customers’ flying experience better. •Finally, the third category is giving our customers more choice through better segmentation. Branded Fares drove 40% of the improvement in passenger revenues this quarter, as we expand it into more markets, improved our distribution and made products easier to buy. We’re adding more flexibility for customers to upgrade to Comfort+ and first class with both cash and mild options post-purchase. We remain in the early stages of marking the value of segmentation and with 200 million customers a year, you only need small improvements in this category to drive material top-line revenue growth. When we combine the building blocks we have in place across our network with the unmatched style and service of the 80,000 Delta people worldwide, we are confident we can execute on our commercial initiatives. This will drive value for our customers and our shareholders, not only in the back half of 2017 but into the future.”

•Joint Venture Pact with Korean Air: In June 2017, Delta Air Lines and Korean Air signed a joint venture agreement, beginning the process of coordinating services across the Paciﬁc, reported Flight Global. The agreement will allow the SkyTeam members to coordinate schedules and pricing, jointly sell and market ﬂights, and share revenues and costs between South Korea and the USA. "Today's relationship will allow our two companies to fully integrate from a customer standpoint," said Bastian. Delta passengers will have access to 80 destinations in Asia beyond Korean Air's Seoul Incheon hub under the partnership, he said. China, however, will not be included in the joint venture, he said. He added that it does not impact Delta's relationship with China Eastern Airlines. The accord will allow Delta and Korean Air to more effectively compete with the immunized partnerships between American Airlines and Japan Airlines, and United Airlines and All Nippon Airways. Expansion may be in the cards for Delta and Korean Air down the road. Delta could add new service to Seoul Incheon in the future, however, this would likely occur once the immunized partnership is implemented, Bastian said. The Delta-Korean Air joint venture is subject to regulatory approval in both South Korea and the USA. While the airlines have antitrust immunity in the USA, they need to update the approval with US regulators, said Bastian.

•Improve Performance in Transatlantic: In April 2017, President Glen Hauenstein told analysts, “...We are offsetting some of the pressure from industry capacity and currency with a strategy of leveraging our strong joint venture positions in Europe and growing U.S. point of sale volumes. While we expect that it will take slightly longer to achieve positive RASM in the Transatlantic, this entity continues to drive strong margins and cash ﬂows for our owners. Long-term, our plan to drive improved performance in the Transatlantic starts with more

Copyright 2018 Boardroom Insiders27 www.boardroominsiders.com • seasonal flying that better aligns our capacity with demand. Next, we will build on an improved cost structure by up-gauging our fleet as we retire our oldest 767 aircraft, which starts in summer 2017 and replace them with more efficient A330s. We will also continue to innovate with new products and services like Delta One suites, Comfort, Premium Select and Basic Economy. And we will take delivery of new aircraft using new seating configurations to ensure we have the right mix of premium and economy seats in these markets. This platform we believe will allow us to compete effectively with the growth of the low-cost carriers across the Atlantic.”

•Hiring: Delta Air Lines plans to hire as many as 25,000 workers over the next five years, according to a February 2017 ABCNews article. Following a meeting with President Donald Trump, Bastian said that the company is growing its ranks as it expands and upgrades its hubs at several of the nation's airports. The 25,000 figure includes a combination of growth and backfilling attrition. Likely referring to competition from Middle East carriers, who receive subsidies from their governments, Bastian said the hiring could be contingent on the support of the government in establishing “a level playing field.”

•Trump Bump: In January 2017, Bastian told CNBC that increased consumer conﬁdence since Donald Trump's election can be quantiﬁed in the carrier's bottom line. Bastian said on "Squawk Box" there are actually pennies in the airline's earnings that can be attributed to the increase in how Americans are feeling about the economy since Election Day. "There was no question post the election that we saw an improvement," he said. "You see in the marketplace. You see it in some optimism with respect to starting to get things done in Washington. We saw it in our results." Lower airfares also started to stabilize during the quarter, Bastian added. "The outlook for '17 is looking good." Bastian also said he's "optimistic" that the new Trump administration will address what U.S. airlines see as unfair competition from state- subsidized Mideast carriers, resulting in distortions in the international marketplace. "Our new president- elect ran on a campaign of protecting U.S. jobs and enforcing U.S. trade treaties," the Delta CEO said. "We don't think there's a more important industry that has been violated with respect to trade treaties, and the potential loss of jobs."

• Sustainability and Durability: In January 2017, Bastian told analysts, "The major theme at our Investor Day last month was the sustainability and durability of our business. And with fuel and labor costs rising, we must grow unit revenues if we were to sustain our margins. So we are pleased to have seen our fourth quarter unit revenues come in better than not only our

Copyright 2018 Boardroom Insiders28 www.boardroominsiders.com • our original guidance but also better than the guidance we gave in mid-December. While it's taken longer than we wanted to get here, we are cautiously optimistic that the revenue environment finally appears to have turned the corner and after a flat RASM in the month of December, we expect unit revenues to turn positive for the first quarter. That said, we are going to remain conservative with our capacity until we see two things. In the short term, we will need to see a further firming of current revenue trends. And over the medium to longer term, we will keep our capacity in check until we are achieving our 17% to 19% operating margin target because as we also said at Investor Day, 2017 is going to be a bit of a transition year. While revenues are on a better trajectory, we expect margins will decline 100 to 200 basis points year-on-year in 2017, given the current forward curve and the expense of our labor cost reset. However, we expect the margin pressure to peak in the March quarter and by the back half of this year, we would be in a position to expand margins as our unit revenue base improves. This should be a very good setup for 2018 and beyond. So as we look ahead, I am optimistic. By executing flawlessly against our core principles, we are confident that we are the right path to return to an improving margin trajectory later in the year...we will continue to be America's best-run airline focusing on producing the best operation every single day for our customers. Next, we will continue to strengthen our brand, improving our product and service in the eyes of our customers and generating a sustainable revenue premium versus our competition. We will also expand our global reach through equity stakes, joint ventures and partnerships around the world. I am looking forward to completing our Aeromexico tender offer in the first half of the year. Finally, we will maintain our solid foundation with cost and capital discipline, making sure that every dollar we spend is put to good use without burdening the business with high leverage."

Key Challenges

•Seeking Repayment: Bastian said he found it "shocking" that it took nearly 12 hours to get the power back on at Hartsfield-Jackson International Airport--and he plans to seek compensation for his company's lost revenue, The Atlanta Journal-Constitution reported in December 2017. “It was a very difficult experience. And it was shocking, candidly, that it took so long to get the power back on,” he said. “I know they worked hard to deliver, but to be out of power for almost 12 hours is unbelievable.” During an interview, Bastian said: "We will certainly be seeking the opportunity to have a conversation, and then seek reimbursement....I don't know whose responsibility it is between the airport and Georgia Power, but we're going to have conversations with both of them." He said Delta may have lost between $25 million and $50 million in revenue as a result of the outage. That does not include additional costs incurred by Delta, which canceled 1,400 flights and is reimbursing passengers for hotel stays.

Copyright 2018 Boardroom Insiders29 www.boardroominsiders.com • "We have a lot of people at the start of the business week that didn't take their trips" because of the outage, he said. A spokeswoman for Atlanta Mayor Kasim Reed’s office responded: “We look forward to collaborating with our partners, including Delta Airlines, to address Sunday’s outage and identify measures to prevent future incidents.” Amid criticism that trickled out from the city and the airport as the power outage progressed, Bastian also emphasized the importance of communication. The airline suffered through its own debacles leading to thousands of flight cancellations, including in the wake of a thunderstorm early in 2017 and after a computer system outage last year. “Having been there myself in a crisis, the most important thing is to stay visible, to let people know what you know, even if you don’t have all the answers — and to make certain you take responsibility,” Bastian said. “We’ll work aggressively on whatever fixes need to be installed to make sure it doesn’t happen again.” During a meltdown of Delta's operations in April, Delta came under fire. Bastian was in Augusta for an event at the Masters Golf Tournament, then flew to his Florida residence. In the wake of the Atlanta airport's power outage, Bastian said he was concerned about the impact on the airline's passengers, employees, and reputation. "Certainly the impact on our customers and our people and our brand was not good," Bastian said. He said the airline was not able to tell its customers how long it might take to get the power back on "other than what Georgia Power was telling us--because we didn't have responsibility for it." Delta is also pushing for more information about the cause of the incident, including what backups failed. Bastian said when he talked to Georgia Power the day after the power outage, "they still didn't have all the answers." "I think we need to have a full postmortem as to what happened," Bastian said. "We haven't had the chance yet to sit down and fully understand what everyone could have done better." He said he plans to meet with Atlanta Mayor-elect Keisha Lance Bottoms on the matter after she officially takes office. "Certainly we'll be looking to meet with our new mayor early in January to be able to take her through that discussion," he said. Georgia Power CEO Paul Bowers committed to Delta to have a backup in place for the power system at the airport, he added. “I told Paul that we need to make certain that we learn from this, that we never experience this either here in Atlanta or any of the other big airports,” Bastian said.

•Epic Meltdown: "Spring break for hundreds of thousands of Delta Air Lines passengers was disrupted by thunderstorms in Atlanta that led to an epic meltdown for the usually reliable airline, according to a May 2017 WSJ article. "At the root of 4,000 canceled ﬂights: telephone busy signals. An internal investigation into the April failure found the biggest problem was that Delta’s 13,000 pilots and 20,000 ﬂight attendants calling in for new assignments couldn’t get through to the people in Atlanta on the front lines of rebuilding an airline schedule. Though puzzling in the age of instant digital communications, it turns out employees were dependent

Copyright 2018 Boardroom Insiders30 www.boardroominsiders.com • on dialing and circuits were overloaded. Computers told gate agents rescheduled crews would be there; customers waited at gates for hours. Then flights would end up canceled for lack of a crew member lost in Delta’s communications fiasco, unaware of the assignment. A recovery that should have taken the airline a day or two stretched into the following week. In Atlanta, flights were canceled well after midnight, after underground airport trains had shut down that forced dazed vacationers to walk more than a mile. 'Our infrastructure was overwhelmed,' COO Gil West said. 'We know we can’t control the weather, but we definitely own the recovery.' Delta said it is ready to handle summer crowds and storms and is already making changes in its operation based on findings from April’s mess. Thunderstorms are more difficult for airlines to handle than blizzards or hurricanes because their timing and location are hard to predict. The concern for travelers is whether bigger consolidated airlines are now less nimble and more complex, and thus more prone to major disruption from routine storms. Delta said there was nothing routine about the triple whammy of storms it weathered the first week of April. The company said its crew- tracking system had handled the load in the past, but this time found its limits. Atlanta is the thick trunk on Delta’s flight-schedule tree. About 60% of Delta’s 1,250 airplanes go through Atlanta each day. It’s the world’s largest airport in both passengers and flights. Trouble in Atlanta cascades world-wide. Delta says it, and Atlanta, aren’t too big to handle storms. But the company has learned where it needs to spend on more capacity. Delta created a task force of nine different work groups to autopsy the meltdown. West and CEO Ed Bastian sent a memo to employees with results of the task force investigation and changes that were being made. 'Thanks for pulling Delta out of the ditch,' the memo said. They noted that one problem was that many positions were short-staffed for holiday crowds because so many Delta employees had themselves taken spring-break vacation. They promised to boost spring-break staffing levels in the future. Changes are already happening, West said. The older crew-tracking communications system, which has been previously expanded to allow for electronic communications in routine rescheduling situation, will be expanded. Delta thinks it has found better ways to anticipate thunderstorms. In addition, it will make adjustments to add more buffer to crew schedules to absorb delays before they hit mandatory rest requirements. And West said that Delta had already started to keep more crews together with the same plane all day, and will now do that more. This can minimize disruption. If a plane, pilots and flight attendants are all scheduled to reshuffle to different flights, a single delay can impact three other flights. The company will also double the size of the crew-tracking team and add phone lines for them by June 2017. And by the end of August 2017 executives hope to have a system to send crews information about their trips electronically. 'We found a limit to our operation and we’ve learned from it,' West said. West said that Delta’s crew-tracking system, which he said is old but has received a 50% capacity improvement over the past year, can send automated voicemails or emails to crews

Copyright 2018 Boardroom Insiders31 www.boardroominsiders.com • in typical storm recovery situations. But this time there were too many questions that required phone calls, such as queries about particular assignments or lack of assignment. When crew members called in, they got busy signals. Part of the problem was too few people to answer calls. The Atlanta-based team rescheduling crews is kept to a few people normally, so there aren’t too many people giving out conflicting instructions. Now Delta has decided to add more full-time people to that job and train others who could be pulled in from other duty in a severe weather situation. In the future, communications will include mobile phones. Delta has also decided to install hotlines in crew lounges and hub-airport offices to link pilots and flight attendants with crew scheduling officials in the operations center."

Biographical Highlights

• Born c. 1958 • Bastian graduated with a bachelor's degree in business administration from St. Bonaventure University in 1979. • He is a Certified Public Accountant • He was a Partner in the New York audit practice of Price Waterhouse specializing in the entertainment, advertising and manufacturing sectors. He also served as the strategic planning partner for Price Waterhouse’s New York Region. • PepsiCo Inc. - VP, Finance and Controller, Frito-Lay International - VP, Business Processes reengineering, Frito-Lay - VP, Finance, Pepsi Cola International • He joined Delta Air Lines in 1998 and held the following positions: - VP, Finance and Controller (1998-2000) - SVP, Finance and Controller (200-2005) • SVP and CFO, Acuity Brands, Inc. (June 2005-July 2005) • He rejoined Delta Air Lines in 2005, and has since held the following positions: - EVP and CFO (2005-2007) - Chief Restructuring Officer (2005-2007) - President and CFO (2007-2008) - CEO, Northwest Airlines (2008-2009) - President (2008-2016) - CEO (2016-Present) - Member, Board of Directors (2010-Present) • He played a pivotal role in finalizing Delta’s acquisition of Northwest Airlines in 2008 and managing the airlines’ successful integration. • He lives in the Atlanta area with his wife, Anna, and their four children.

• Member, Board of Trustees, Woodruff Arts Center • Member, Board of Directors, Virgin Atlantic Airways Ltd. • Member, Board of Directors, EQUIP Leadership, Inc. • Member, Board of Directors, Delta Flight Museum (2010-Present) • Member, Board of Directors, Group Aeromexico S.A.B. de C.V. (2012-Present) • Member, Board of Directors, GOL Linhas Aereas Inteligentes (20012-Present)

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