Spirit Airlines CEO Resigns Amid Financial Restructuring

Spirit Airlines CEO Ted Christie has abruptly stepped down from his role and resigned from the board, effective immediately, just weeks after the airline emerged from Chapter 11 bankruptcy. This unexpected move comes before Christie was eligible to receive a $3.8 million retention bonus, raising questions about the timing and reasons for his departure. Spirit Airlines, which recently reduced its debt by $795 million through a consensual deleveraging plan, has appointed an interim leadership team consisting of CFO Fred Cromer, COO John Bendoraitis, and General Counsel Thomas Canfield. The board has started the search for a permanent replacement, and Chief Commercial Officer Matt Klein is also leaving the company, to be succeeded by Rana Ghosh. Despite the leadership changes, Spirit Airlines secured a $350 million equity investment to support future growth and enhance customer experiences.