Allegiant (ALGT) CEO Resigns, Former Boss to Take Up the Role
Allegiant Travel Company ALGT announced that its chief executive officer or CEO John Redmond has resigned with immediate effect, after barely a year in the top post. Following his resignation, he also ceases to be a member of ALGT’s board.
Redmond will be replaced at the helm by ALGT’s former CEO and one of its largest stockholders, Maurice J. Gallagher. Redmond was quoted as saying, "I am grateful to the board for giving me the opportunity to be a part of this incredible organization. I am particularly proud of the Sunseeker team we've put in place, and I know they will carry the project over the finish line and establish the hotel as a premier destination in Southwest Florida."
Gallagher joined ALGT’s board in 2001 and was CEO from 2003 until last year. His tenure saw ALGT achieving tremendous growth among ultra-low-cost carriers. In 2001, ALGT had one airplane and was just emerging from bankruptcy. From that position, Gallagher is responsible for converting ALGT into one of the most profitable airlines in the world with more than 120 aircraft.
ALGT’s fleet operates in more than 550 routes across 120 plus cities in the United States. He will continue as the chairman of Allegiant's board. Given his hugely successful background with ALGT, we believe that his return as CEO will serve the company well.
Among other companies as well, we have seen quite a few changes in managerial positions lately. Recently, Hertz Global Holdings HTZ announced that Paul Stone, chief operations officer and president, will step down from his duties in order to pursue opportunities in the retail sector. Uber Technologies UBER recently announced that Prashanth Mahendra-Rajah will join the company from Nov 13, 2023, as the new chief financial officer.
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