Michael Leskinen Promoted to United Airlines CFO

United Airlines announced the promotion of Michael Leskinen to the position of Chief Financial Officer and Executive Vice President. Leskinen, who joined the company in 2018, will assume broader responsibilities, encompassing corporate finance, treasury, financial planning and analysis, tax, accounting, investor relations, procurement, internal audit, risk management, and corporate strategy. He will also become a member of the airline’s Executive Team.

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Career Overview

Before his promotion, Leskinen served in various capacities within the company, most recently holding titles such as Managing Director of Investor Relations and Vice President of Corporate Development and Investor Relations. He was also the President of United Airlines Ventures (UAV), a corporate venture capital fund initiated by United, focusing on investments to decarbonize air travel and enhance customer travel experience.

Leskinen’s career before United includes roles at J.P. Morgan Asset Management, where from 2013 to 2017, he was an executive director leading investment efforts in aerospace, defense, and airlines. He also worked at Oppenheimer Funds from 2009-2013, focusing on the aerospace sector. Leskinen earned his bachelor’s degree in finance from Arizona State University and his M.B.A. from the University of Pennsylvania.

Financial Endeavors at United

Leskinen played a pivotal role in leading a team in 2020 to raise $6.8 billion of financing secured by the airline’s MileagePlus loyalty program. This innovative move provided United with essential financial flexibility during the pandemic. Additionally, he oversaw the introduction of a nearly $200 million corporate investment fund aimed at supporting start-ups focusing on the research and production of Sustainable Aviation Fuel (SAF).

Leskinen’s Vision

United CEO Scott Kirby acknowledged Leskinen’s extensive experience in both the public markets and the airline industry. He emphasized that Leskinen’s distinct comprehension of the sector would support the execution of United’s Next plan, aiming at disciplined capital and cost decision-making. Kirby expressed confidence in Leskinen’s ability to offer a strong and independent strategic perspective for United’s future decisions.

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United’s Previous CFO

Before the appointment of Leskinen, Gerry Laderman was the CFO of United Airlines. Laderman is to serve as EVP, Finance until his planned retirement in September 2024, as was previously announced by United earlier this year.

Company Performance

Up until August 2023, United has been noted as the best-performing North American airline stock. The company continues to work on innovations and investments, focusing on sustainability and customer experience enhancement in the air travel industry.

This news comes as part of the ongoing executive changes within the industry, reflecting the needs and strategic shifts of airline companies in a post-pandemic environment.