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Just a couple of weeks after Spirit Airlines’ exit from bankruptcy, the airline is saying goodbye to two key figures, including its CEO, as it seeks a new identity.
The Dania Beach, Fla.-based airline will shift from a low-cost carrier to a more premium one, hoping there’s a demand for customers looking to pay more to escape the burdens that come with commercial flights one would expect from Delta or American Airlines today.
A ‘Rekindled’ Spirit
Spirit Airlines announced on 7 April that CEO Ted Christie had stepped down. This decision took home weeks after the airline’s bankruptcy process, which began in November 2024, ended.
Taking Christie’s place in the company will be an interim committee consisting of COO John Bendoraitis, CFO Fred Cromer, and General Counsel Thomas Canfield. Spirit will name a new, permanent CEO at a later date.
CCO Matthew Klein is also stepping down from his position at Spirit. CTO Rana Ghosh has been appointed in his place permanently.
Christie joined Spirit Airlines in 2012 as the company’s financial chief and became CEO in 2019.
Spirit Changing Classes
The Florida-based airline will also abandon its identity as a no-frills airline and focus on premium markets. The carrier’s management feels this change is necessary to avoid financial woes like before, stating that moving to a premium product could generate 13% more revenue from each passenger.
Spirit will also update its loyalty program and pursue partnerships with other airlines.
The restructuring process led to Spirit freeing up more than $795 million in debt by converting that debt into equity. During this period, the airline also reduced a percentage of its workforce, retired, and sold many of its Airbuses.
Before filing for bankruptcy, Spirit had attempted to merge with JetBlue in 2022, but a federal judge nixed the idea due to antitrust concerns. The airline has also declined multiple proposals from Frontier Airlines regarding a possible merger.
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