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Delta Air Lines said on Friday Chief Financial Officer Paul Jacobson would resign from his position, effective Nov. 15, to join General Motors as CFO.

Jacobson, 48, was also named the executive vice president of GM and will report to Chief Executive Officer Mary Barra, GM said.

He will replace John Stapleton, GM’s acting CFO, who will continue as the company’s North America chief financial officer, a position he has held since January 2014.

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Jacobson took over as Delta Air Lines' CFO in 2012.

The airline said it will be conducting a global search for a replacement, besides considering internal candidates. In the interim, Gary Chase and Bill Carroll will serve as co-chief financial officers.

Jacobson will join GM effective Dec. 1 with an initial annual compensation that will include a base salary of $1 million, the automaker said.

In August, GM’s previous CFO, Dhivya Suryadevara, one of the auto industry’s youngest and highest-ranking executives, jumped ship for Silicon Valley and the technology sector, where she was named CFO of online payments startup Stripe.

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