Good morning, CFOs. Delta’s executive shake-up; Target’s in-store investments; and executives are less optimistic about the U.S. economy than a year ago.

Delta Air Lines is making changes.

The airline is shaking up its top leadership team following the retirement of its longtime president and before the departure of its operations chief. John Laughter has shared his plans to retire as chief of operations in late April after more than 30 years at the company. He is leaving shortly after Glen Hauenstein, Delta’s president for nearly a decade, retired at the end of February.

The exits have Ed Bastian reshuffling the C-suite as he enters his second decade as Delta’s chief executive.

Among the changes:

• The company is promoting Peter Carter, Delta’s chief external officer, to the role of president.
• Dan Janki, the company’s chief financial officer since the summer of 2021, will take over Laughter’s position as chief operating officer starting next month.
• To fill the gap, Delta is naming Erik Snell, currently the chief customer experience officer, its next finance chief.

Some context: Companies continue to move finance chiefs into COO roles, in some cases combining the positions, according to executive search firm Crist Kolder Associates. Macy’s last year hired Thomas Edwards as CFO and chief operating officer from fashion conglomerate Capri Holdings. PayPal finance chief Jamie Miller in 2025 added COO to her title (and she briefly served as interim CEO this year).

For some, such as Target’s Michael Fiddelke and Las Vegas Sands’ Patrick Dumont, the move from finance chief to COO was a step toward their current role as chief executive officer. Of the CEOs in S&P 500 and Fortune 500 companies as of the end of 2025, nearly half of those promoted from within came from a COO or president role, according Crist Kolder.

📈 Economic Indicators

The Bureau of Labor Statistics releases the jobs report for February.

The Census Bureau reports retail and food-service sales for January.

Target said it plans to open more than 30 locations this year, part of the retailer’s strategy to drive long-term, sustainable growth by investing in its stores, Connor Hart reports.

The company said Thursday it will also remodel more than 130 stores this year and launch next-day delivery in more than 20 new metro areas, including Indianapolis and Cincinnati.

The new locations will bring Target’s total store count to over 2,000, while the expansion of its next-day delivery services will allow the company to reach more than 60% of the U.S. population, it said.

📰 Other headlines

• Nike to Record $300 Million Charge From Cost-Cutting Efforts
• Anthropic Says It Will Fight New Pentagon Move as CEO Apologizes for Leaked Memo
• Meta to Open Up WhatsApp to Rival AI Chatbots for a Fee Following EU Objections
• Hormuz Shipping Chaos, Smelter Shutdowns Threaten Aluminum Supply
• Berkshire’s New CEO Restarts Stock Buybacks, Buys Shares Himself
• Six Flags to Sell 7 of Its Amusement Parks
• Going All In on Steak Made Texas Roadhouse No. 1 in Casual Dining
• Tariffs Are Lower and Businesses Are Racing to Take Advantage

📈 Earnings wrapup

• Costco Evaluating Possibility of Tariff Refunds as Second-Quarter Revenue Rises
• Victoria’s Secret Sales Recover But Shares Fall on Concerns Over Expenses
• Gap Profit Falls as Athleta Weighs on Results Again
• Kroger Posts Higher Profit but Gives Cautious Full-Year Forecast

For more earnings news, click here.

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McKesson, the Irving, Texas-based drug wholesaler, said its top finance executive, Britt Vitalone, is retiring after two decades with the company, which is hiring Sysco finance chief Kenny Cheung as his replacement. Cheung will succeed Vitalone on May 29. Vitalone, who joined McKesson in 2006 and has been finance chief since January 2018, will remain an employee through July 1 and then serve as a non-employee adviser, the company said.

Houston-based food-distribution giant Sysco said Cheung, who joined the company as executive vice president and finance chief in April 2023, has resigned the post but will stay on through April 17 to assist with the transition. Brandon Sewell, currently senior vice president and chief financial officer of U.S. food-service operations, has stepped in as Sysco’s interim finance chief.

—Colin Kellaher contributed to today’s Ledger.

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