Spirit Airlines CEO Ted Christie quits just months before he was due to get $3.8M bonus

Spirit Airlines announced on Monday that president and CEO Ted Christie has officially stepped down from his role and resigned from the board of directors, effective immediately — several months before he became eligible to receive a $3.8 million retention bonus.The transition comes as the Florida-based low-cost carrier continues to grapple with financial woes, ongoing restructuring efforts and a recent Chapter 11 bankruptcy filing.On March 12, Spirit Airlines put out a statement indicating that it had emerged from Chapter 11 proceedings by reducing approximately $795 million in debt through a consensual deleveraging plan.The company also secured a $350 million equity investment from existing investors to support future growth and enhance customer experiences.“Spirit will continue to be led by Ted Christie, President and Chief Executive Officer, and its existing executive team,” the company said in a statement.It is unclear what prompted the airline to reverse course in such a short period of time.Just a week prior to the bankruptcy filing in November, Christie reportedly received a $3.8 million retention bonus — money he was entitled to keep if he remained with the firm for another year.But his ouster likely means that he won’t see any of that bonus money.A Spirit Airlines spokesperson declined to comment.The company has not yet named a permanent successor but has installed an interim Office of the President whose members will jointly run the airline before a new CEO is named.That team will include 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.“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,” said Robert Milton, chairman of Spirit Airlines.“He has seen a lot and done a lot during his tenure here, including navigatin...

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Publisher: New York Post

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