Spirit Airlines (NYSE: SAVE) has named Brian McMenamy, the company’s Vice President and Controller, as Interim Chief Financial Officer, effective June 14, 2024.
McMenamy will take over from Scott Haralson, Executive Vice President and CFO, who is leaving Spirit to become the CFO of a larger, publicly traded company in a different industry.
Haralson will remain in his current role until June 14, 2024, to ensure a smooth transition. Spirit will conduct a thorough search for a new CFO with the help of a leading executive search firm.
Spirit Airlines CEO Comments
Ted Christie, Spirit’s President and CEO, expressed gratitude for Haralson’s leadership and significant contributions during his eleven-year tenure at Spirit.
He acknowledged Haralson’s numerous accomplishments and his influence on the business operations.
“We are grateful for Scott’s leadership and significant contributions over his eleven years with Spirit,” said Christie.
“Scott’s accomplishments are too many to list, but he made a positive and lasting impression on the business. We wish Scott all the best and thank him for his service and dedication to Spirit.”
About Brian McMenamy
Brian McMenamy, who joined Spirit in 2017, brings nearly four decades of experience in corporate finance to his new role.
Before joining Spirit, he held various finance positions at American Airlines over a 33-year period, including Vice President of Finance, Financial Planning and Analysis, and Controller.
McMenamy holds a Bachelor of Science in Financial Economics from Rockhurst College and an MBA from Northwestern University’s J.L. Kellogg Graduate School of Management. He is also a Certified Public Accountant.
Christie expressed confidence in McMenamy’s ability to take on the role of Interim CFO, citing his extensive financial expertise in the airline industry and proven track record of driving business solutions.
He looks forward to working with McMenamy as they continue to drive growth and position the company for a return to profitability while searching for Spirit’s next CFO.
Discussions with Bondholders
Spirit is currently engaged in ongoing discussions with bondholders, which are progressing as planned.
The company has retained Perella Weinberg & Partners L.P. and Davis Polk & Wardwell LLP as advisors.
Spirit has started implementing initiatives related to its go-forward plan, with more changes expected soon.
The company anticipates cost-saving initiatives to benefit 2024 by over $75 million, with annualized run-rate savings estimated at over $100 million.
About Spirit Airlines
Spirit Airlines is committed to delivering the best value in the sky. It is a leader in providing customizable travel options starting with an unbundled fare. This allows customers to pay only for the options they choose — like bags, seat assignments, refreshments and Wi-Fi.
The carrier calls this service À La Smarte®. It also operates one of the youngest and most fuel-efficient fleets in the United States.
Spirit currently serves a range of destinations throughout the U.S., Latin America and the Caribbean.
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