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Spirit Airlines (SAVE) Picks Successor to CEO Bob Fornaro

Zacks Equity Research

Spirit Airlines, Inc. SAVE has recently announced that Ted Christie, the company’s current executive vice president and chief financial officer will succeed Bob Fornaro as the new CEO with effect from Jan 1, 2019.

However, before assuming that role, Christie will serve as the president and join the company's board of directors from Jan 1, 2018 onward. He will look into the finance, revenues, operations, IT and human resource functions of the organization.

Christie joined the company as senior vice president and chief financial officer in 2012. He was promoted to the position of executive vice president in 2017 and was given the additional responsibility of marketing, pricing, revenue management and scheduling.

Spirit Airlines, Inc. Price

 

Spirit Airlines, Inc. Price | Spirit Airlines, Inc. Quote


Per Bob Fornaro, president and CEO, the company has made significant investments in new technology and processes to improve efficiency and customer experience. The carrier will continue to do so next year as well to further enhance reliability and decrease costs. It will also focus on maintaining a healthy relationship with its pilots.

The low-cost airline was also in the news recently, when it announced a new seasonal service to the Carolina coast. It will begin nonstop operations between Minneapolis-St. Paul International Airport and Myrtle Beach International Airport from Apr 12, 2018. The flights will be operational thrice a week.

Previously, the carrier announced seasonal services from Columbus, OH to Myrtle Beach. The service expected to start from Mar 22, 2018 will be available four times a week.

Zacks Rank & Key Picks

Spirit Airlines carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the airline space are Gol Linhas Aereas Inteligentes S.A. GOL, International Consolidated Airlines Group SA ICAGY and Deutsche Lufthansa AG DLAKY. While Gol Linhas and International Consolidated Airlines sport a Zacks Rank #1 (Strong Buy), Deutsche Lufthansa carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Gol Linhas, International Consolidated Airlines and Deutsche Lufthansa have soared more than 200%, 52% and 100%, respectively, in a year.

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