Continental Air Welcomes New CEO
July 16, 2009 by Mark Ellis
Filed under Business
Continental Airlines has suffered along with the rest of the airline industry throughout the economic recession, with soft demand and unpredictable fuel prices severely cutting into airlines’ revenues and forcing them to cut costs. Perhaps the company will fare better when company president Jeff Smisek replaces Larry Kellner as CEO and Chairman.
Kellner plans to move onto Emerald Creek Group LLC, a Houston private-investment firm that Kellner will lead. This marks the end of five years as the leader of Continental, the fourth-largest airline in the United States. The transfer of power will take place at the beginning of next year.
Smisek has quite the job ahead of him, as he will have to navigate Continental through a time in which air traffic has slowed considerably and airlines have to issue discounts to even stand a chance. He has already seen Continental through some tough times, joining the airline in 1995 and having been credited with helping the company through September 11 and a 2005 brush with bankruptcy.
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