Spirit Airlines confirms CFO change

Spirit Airlines has confirmed that its current EVP and chief financial officer (CFO) Scott M Haralson has resigned, and will be replaced by Brian J McMenamy as interim CFO. McMenamy, the current vice president, will take on the temporary role as of June 14, 2024, alongside his other positions at the company. Haralson will continue in his role through June 14, to ensure a smooth transition, while Spirit plans to initiate a comprehensive search for a CFO with the assistance of an executive search firm. ""We are grateful for Scott's leadership and significant contributions over his eleven years with Spirit,"" said Ted Christie, Spirit's president and chief executive officer. ""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."" Haralson is departing Spirit to become CFO of Hertz rental car company. Prior to joining Spirit in 2017, McMenamy held various roles in finance at American Airlines over the course of his 33-year tenure, including vice president, finance; vice president, financial planning and analysis; and vice president and controller. Christie commented: ""With extensive financial expertise in the airline industry and a proven track record of driving business solutions, I am confident that Brian is ideally suited to take on the role of Interim CFO. I look forward to working alongside him as we continue to drive growth and position the Company for a return to profitability, while our search for the next CFO of Spirit continues."" Alongside the confirmation of a change of CFO, the board of directors have also appointed Griselle Molina, the Company’s senior director of corporate accounting, as vice president and controller, as well as the company’s new principle accounting officer. Molina has served as the assistant controller and senior director of corporate accounting since 2019 and, prior to that, as its director of corporate accounting from 2017 to 2019. She also serves as treasurer of the Spirit Airlines Charitable Foundation, a role she has held since 2018. Spirit has also announced that current discussions with bondholders are ""ongoing and progressing as planned"". Spirit has retained Perella Weinberg & Partners and Davis Polk & Wardwell as advisors. Spirit confirmed that it had begun to execute on initiatives related to its go forward plan, ""with more changes coming soon"". Spirit added that it continues to expect cost saving initiatives to benefit 2024 by over $75 million with annualised run-rate savings estimated at over $100 million.