Spirit Airlines CEO Ted Christie quits — just months before he was due to get $3.8M bonus

Company Leadership Changes - Spirit Airlines announced the resignation of president and CEO Ted Christie, effective immediately, several months before he was eligible for a $3.8 million retention bonus [1][4][6] - An interim Office of the President has been established to manage the airline until a new CEO is appointed, with key executives including Fred Cromer, John Bendoraitis, and Thomas Canfield involved in the transition [4][6] Financial Restructuring - Spirit Airlines emerged from Chapter 11 bankruptcy by reducing approximately$795 million in debt through a consensual deleveraging plan [2] - The airline secured a $350 million equity investment from existing investors to support future growth and enhance customer experiences [3] Financial Challenges - The airline has faced significant financial challenges, including losses exceeding$2.5 billion since 2020 and over $1 billion in debt obligations [9] - Increased operating expenses and competition from larger carriers have further strained the airline's financial position [10] Strategic Issues - Spirit Airlines' ultra-low-cost model has been under pressure as consumer demand shifts toward full-service carriers, leading to a 16% drop in utilization rates compared to 2019 [11] - Failed merger attempts with Frontier Airlines and JetBlue Airways have contributed to the airline's financial instability and ongoing market pressures [10][12]