Spirit Airlines Plots Its Next CEO Transition

In early 2016, long-serving Spirit Airlines (NASDAQ: SAVE) CEO Ben Baldanza resigned abruptly. He was immediately replaced by Spirit board member (and former AirTran Airways CEO) Robert Fornaro.

However, it was clear from day one that Fornaro would be more of a caretaker -- charged with guiding Spirit Airlines through a bumpy transitional period -- than a long-term replacement. (When he took the helm of Spirit, Fornaro was 63, nearly a decade older than his predecessor.)

On Wednesday, Spirit revealed that Fornaro plans to step down at the end of 2018. Current CFO Ted Christie will take the top job at that time. He will be in charge of plotting a new long-term growth strategy for Spirit Airlines in what has become a tough competitive environment for ultra-low-cost carriers.

Source: Fool.com