Alaska Air Group ALK announced that its long-serving chief financial officer (CFO) Brandon Pedersen intends to retire on Mar 2, 2020. Pedersen has been associated with the company for a long time. He was the company’s outside auditor for 11 years prior to joining it in 2003 as the vice president of finance and controller. He was promoted to his current position in May 2010.
During Pedersen’s tenure as CFO, Alaska Air Group acquired Virgin America, thereby expanding its presence significantly, particularly on the West Coast. Other notable feats accomplished by this Seattle, WA-based carrier include the initiation of quarterly dividend payouts in 2013, courtesy of a robust balance sheet. Notably, the dividend has increased every year since 2013.
Pederson will be replaced by Shane Tackett, who currently serves as the company’s executive vice president of planning and strategy. Tackett has served Alaska Air Group in multiple capacities ever since joining it in 2000. Given his vast experience, Alaska Air Group expects the appointment of Tackett to be a successful step toward its efforts to grow further.
Zacks Rank & Key Picks
Alaska Air Group currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the Zacks Airline industry include Spirit Airlines SAVE, SkyWest SKYW and Delta Air Lines DAL, each carrying a Zacks Rank #2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Spirit, SkyWest and Delta have gained 22%, 17% and 9% in the past three months.
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