Longtime Spirit Airlines chief executive Ted Christie has departed the company, stepping down from his role as CEO on 7 April in a move coming as Spirit navigates an corporate overhaul intended to stem financial losses.
The Florida-based airline disclosed Christie’s departure on 7 April, saying also that Matthew Klein has stepped down as Spirit’s chief commercial officer.
“On behalf of the board and the Spirit team, I thank Ted for his tireless efforts over the course of his 13 years at the company,” says Spirit chair Robert Milton.
“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.”
Spirit’s board has temporarily assigned the CEO duties to three executives: chief operating officer John Bendoraitis, chief financial officer Fred Cromer and general counsel Thomas Canfield.
The board is conducting a search for new CEO.
Spirit says the board and Christie reached a “separation and release agreement” under which the former CEO will receive severance pay and benefits.
The company says Spirit’s chief transformation officer Rana Ghosh has succeeded Klein as chief commercial officer.
“Spirit owes thanks to Matt for his many contributions since arriving in 2016, and we all wish him the best,” Milton adds. “We are also enthusiastic to welcome Rana into his new role.”
Christie weathered a rough few years at Spirit.
In 2022 he had supported a plan under which the airline would be acquired by Frontier Airlines. But that deal fell apart after JetBlue Airways swept in with its own acquisition offer. Though JetBlue offered more money, Christie favoured the Frontier deal, warning US authorities might not approve a JetBlue acquisition.
JetBlue ultimately won out, though a federal court sued to block JetBlue’s acquisition on grounds that would violate anti-trust laws. A federal judge sided with the government, scuttling the deal.
Meanwhile, Spirit struggled financially and entered bankruptcy court protection. It emerged from that process in March.
Spirit lost $1.2 billion in 2024.
