Spirit Airlines CEO steps down weeks after carrier exits bankruptcy

U.S. discount carrier Spirit Airlines said on Monday that CEO Ted Christie has stepped down with immediate effect as part of a shakeup, weeks after the company emerged from bankruptcy and reconstituted its board.

Chief Commercial Officer Matt Klein is also leaving and will be succeeded by insider Rana Ghosh.

Last month, the low-cost carrier said it would rebrand itself as a premium airline, as it emerged from bankruptcy protection following the completion of a financial restructuring. The shift would generate 13% more revenue per passenger, according to the company's estimate.

Christie joined Spirit in April 2012 and was named the CEO on January 1, 2019.

An interim office of the CEO, consisting of Chief Financial Officer Fred Cromer, Chief Operating Officer John Bendoraitis and General Counsel Thomas Canfield, will lead the company until a new chief is named.

Spirit had filed for bankruptcy protection last November, following years of losses and heavy debt, as well as failed merger attempts.

Low-cost carriers, which excelled at keeping their expenses low and offering affordable travel, have struggled since the pandemic as travelers prefer to pay extra for a more comfortable journey as they pursue experiences.