Jeff Smisek To Become Chairman and Chief Executive Officer of Continental Airlines; Larry Kellner To Return To Private Equity Af
July 16 2009 - 5:48PM
PR Newswire (US)
HOUSTON, July 16 /PRNewswire-FirstCall/ -- Continental Airlines
(NYSE: CAL) announced today that Jeff Smisek, 54, Continental's
president and chief operating officer and a member of the board of
directors, will become chairman and chief executive officer,
effective January 1, 2010. Smisek will succeed Larry Kellner, 50,
who has decided to return to private equity at year-end after 14
years with Continental, the last five of them as chairman and CEO.
"It has been a great honor to lead the professional men and women
of Continental and be part of the premier airline in the industry,"
Kellner said. "I have worked closely with Jeff throughout my
tenure, and he is a strong and effective leader. I am confident
Jeff will maintain Continental's unique culture and successfully
lead the Continental team through these challenging times. "While I
will deeply miss my co-workers at Continental, it is the right time
for this transition. Continental has gained approval from DOT of
our Star Alliance application, which will allow us to continue as
an effective global competitor," Kellner added. "The Board thanks
Larry for his tremendous leadership of Continental during some of
the most challenging times this industry has faced," said Henry
Meyer, lead director for Continental. "The Board has consistently
focused on succession planning, and Jeff's experience, skills and
long partnership with Larry make him the ideal executive to succeed
Larry as chairman and CEO. We look forward to working with Jeff as
he continues Continental's industry leadership." "Although I am
saddened that Larry has decided to move on, I respect his decision
and wish him continued success," said Smisek. "Over the next
several months, Larry and I will work together to ensure a smooth
transition. Our entire team will remain focused on returning our
company to profitability, and Continental's great culture will
continue to be the driving force of the company's long-term
success," he added. Houston-based board member Pastor Kirbyjon
Caldwell noted Kellner's civic contributions. "The Houston
community has been blessed with having Larry as both a leader at
Continental and a leader of our community. Continental has been a
tremendous partner to the Houston community and we look forward to
working with Jeff as he assumes his new role," said Pastor
Caldwell. Continental was named Fortune magazine's No. 1 Most
Admired Global Airline in each year of Kellner's tenure as chairman
and CEO. He fostered Continental's working together culture, while
leading the carrier's expansion into London Heathrow, China and
India and focusing the company on fuel efficiency and environmental
responsibility. Kellner will head Emerald Creek Group, LLC, a new
private investment firm based in Houston. Jeff Smisek biography
Jeff Smisek is president and chief operating officer of Continental
Airlines and a member of the Board of Directors. He is responsible
for airline operations, including flight operations, inflight,
airports, catering, cargo, maintenance and technical operations,
and also human resources and labor relations, global real estate,
security and environmental affairs, corporate communications,
federal affairs, and international, state and local affairs. Over
the course of his tenure at Continental, he has also overseen sales
and marketing, technology and legal affairs. Smisek joined the
airline in March 1995 as senior vice president and general counsel,
and has since held positions of increasing responsibility. He
became president in December 2004 and president and chief operating
officer in September 2008. Prior to joining Continental, Smisek was
a partner at Vinson & Elkins LLP, where he specialized in
corporate finance and securities law. Smisek graduated from
Princeton University, A.B. summa cum laude in economics, in 1976,
and Harvard Law School, J.D. magna cum laude, in 1982. He also
serves on the board of directors of National Oilwell Varco, Inc.
Smisek and his wife reside in Houston and are long-time supporters
of numerous charitable and civic organizations. Larry Kellner
biography Kellner joined Continental in 1995 as chief financial
officer. In May 2001, he was elected president of the airline and
to the Board of Directors, and in March 2003, he was named
president and chief operating officer. He became chairman and chief
executive officer in December 2004. Prior to joining Continental,
Kellner was executive vice president and chief financial officer of
American Savings Bank, owned by The Robert M. Bass Group. Prior to
that, he was executive vice president and chief financial officer
of The Koll Company, a private real estate investment and
construction firm. Kellner graduated magna cum laude with a
bachelor of science in business administration from the University
of South Carolina, where he served as Student Body President. In
addition, the University of South Carolina presented him with the
Distinguished Alumni Award in 1998. Kellner is active in numerous
community and civic organizations. He currently serves on the board
of directors for Marriott International and the Air Transport
Association. On the civic front, he is a member of the board of
directors for the Methodist Hospital, YMCA of Greater Houston, the
Greater Houston Partnership, the Spring Branch Education
Foundation, and Central Houston, Inc., and is a member of the Boy
Scouts of America National Executive Board. Kellner also serves on
the advisory boards of the March of Dimes and Teach for America,
and is on the development board of the University of Texas Health
Science Center at Houston. He resides in Houston with his wife,
Susan, and their four children. DATASOURCE: Continental Airlines
CONTACT: Corporate Communications of Continental Airlines,
+1-713-324-5080, Web Site: http://www.continental.com/
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