Nov 18, 2024
Jon Glidden is the CIO of Delta Air Lines,
where he oversees the company’s $16 billion pension fund. Jon
joined Delta in 2011, when the plan had $7.5 billion in assets, a
$13 billion underfunded liability, and the highest actuarial
expected rate of return (9%) of any company in the S&P 500.
Despite funded status that threatened the solvency of the company
thirteen years ago, investment performance combined with corporate
contributions that offset plan payouts have improved Delta’s
funding status from 42% to 102% today, creating the largest
corporate pension turnaround in history.
Our conversation discusses Jon’s independent thinking and
innovative approach that led to his incredible feat. We start with
his Naval and investment background and then cover the four forces
that drive his investment philosophy - portable alpha, private
equity, portfolio construction, and governance - and the
implementation of each.
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