Ben Baldanza has been replaced as CEO of Spirit Airlines by former Air Tran chief executive Robert L. Fornaro with immediate effect, the low cost carrier said.
The company gave no specifics on the change, but Spirit’s stock price lagged behind its rivals in the industry throughout 2015.
A statement from Baldanza said: "Following the tremendous growth and success of Spirit over the last 10 years, the board and I have concluded that this is the right time to implement an orderly succession plan. Bob is the right choice to lead the company through its next phase of growth."
Baldanza was one of the longest serving CEOs in the industry and was a brash and colorful exponent of bare bones pricing and fees for virtually everything, often likened to Ryanair’s Michael O’Leary.
Spirit’s share price rose on news Robert Fornaro will take over as new CEO.
Fornaro was CEO of Air Tran until its take-over by Southwest Airlines, leading analysts to speculate a more measured approach to expansion could come and possibly even consolidation through a merger or acquisition in the low cost carrier market.
