Spirit Airlines Announces Leadership Transition, CEO Ted Christie Steps Down

Spirit Aviation Holdings, Inc., the parent company of Spirit Airlines, LLC, announced changes to its leadership team on Monday.

Spirit said that its CEO and President, Ted Christie, will step down from the company and its Board of Directors effective Monday. The company added that the board is in the process of appointing a permanent replacement.

Until the new CEO is appointed, an Office of the President has been formed to lead the company until the new CEO is appointed.

The office comprises Fred Cromer, Executive Vice President and Chief Financial Officer; John Bendoraitis, Executive Vice President and Chief Operating Officer; and Thomas Canfield, Senior Vice President and General Counsel.

The company also said that its Chief Commercial Officer and Executive Vice President Matt Klein will step down and be succeeded immediately by Senior Vice President Rana Ghosh.

Spirit Airlines Chairman Robert Milton praised Christie for his contributions.

“He has seen a lot and done a lot during his tenure here, including navigating the Company through the COVID crisis and multiple strategic junctures, as well as most recently, a corporate restructuring. Ted has kept the company together through challenging times,” he said.

The leadership transition comes weeks after the company emerged from its financial restructuring.

In March, Spirit announced that it had received a $350 million equity investment from existing investors to support its future initiatives. At the time, the company said that Christie would continue to lead the company.

Meanwhile, on Stocktwits, retail sentiment continued to trend in the ‘bearish’ territory (37/100), albeit with a marginally higher score.

The common stock issued by Spirit Airlines was canceled, and newly issued shares now held by Spirit's new owners are expected to trade in the over-the-counter marketplace.

Spirit said it expects to re-list its shares on a stock exchange as soon as reasonably practicable after the effective date of its plan of reorganization.

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