- Push-out Score suggests push-out forces
- Accolades and praise for Fornaro
- Ted Christie taking over
- Fornaro spoke at length and said 102 words
(exechange) — Miramar, Florida, December 13, 2017 — Bob Fornaro, chief executive of Spirit, leaves. His departure is made public at an early stage. As announced by Spirit Airlines, Inc. in a news release on Wednesday, December 13, 2017, Robert L. (Bob) Fornaro leaves his post as Chief Executive Officer at the ultra low-cost carrier after about three years in the position, effective December 31, 2018.
It is a long goodbye. The announcement of Fornaro’s move comes up to 13 months prior to his planned departure from his post of CEO.
In general, a top executive who announces the departure very early may be considered a lame duck.
Fornaro’s duties will be taken over by Ted Christie, currently Chief Financial Officer at Spirit Airlines, Inc.
No reason given
In the announcement, Spirit did not explicitly explain the reason for Fornaro’s move, opening the door for speculation.
Precise information about Fornaro’s future plans was not immediately available.
Chaired by Mac Gardner
Spirit Airlines, Inc. is chaired by Mac Gardner.
Gardner has been a member of the Company’s board of directors since July 2010 and was elected Chairman of the Board in August 2013.
In the position of CEO since 2016
Robert L. Fornaro has been a member of the Board since May 2014.
He has served as President and CEO since January 2016.
Fornaro served as a consultant to Southwest Airlines Co. and AirTran Airways Inc., a subsidiary of AirTran Holdings Inc., from May 2011 through April 2014.
He served as the President and Chief Executive Officer of AirTran Holdings Inc. from November 2007 to May 2011.
He also served as President and Chief Operating Officer of AirTran Airways Inc. from March 2001 to November 2007 and as President and Chief Financial Officer from March 1999 to August 2000.
From February 1998 to March 1999, Fornaro served as a consultant in the airline industry.
From 1992 to February 1998, he served as Senior Vice President of Planning for US Airways.
Prior to that, he served as Senior Vice President of Marketing Planning at Northwest Airlines from 1988 to 1992.
He served as the Chairman of AirTran Airways Inc. from May 2008 to May 2011 and served on its board from 2001 to May 2011.
He served as Chairman of the Board of AirTran Holdings Inc. from 2008 to May 2011.
At the time of Fornaro’s appointment as Chief Executive Officer at Spirit, Fornaro said: “I am honored by the Board’s selection and am excited to have the opportunity to lead Spirit. Spirit’s focus will remain delivering a customer-friendly product and providing the lowest total price to the places we fly. I look forward to working with the rest of Spirit’s management team and team members to grow the Company’s proven ultra low-cost model and drive value for all of Spirit’s stockholders.”
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Bob Fornaro’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 51.2017 ($).