Spirit Airlines has announced a leadership transition within its finance department, appointing Brian McMenamy as the Interim Chief Financial Officer, effective June 14, 2024. McMenamy will be taking over from Scott Haralson, who after an eleven-year tenure at Spirit, will be leaving to join a larger, publicly traded company outside of the airline sector.
“We are grateful for Scott’s leadership and significant contributions over his eleven years with Spirit,” remarked Ted Christie, President and CEO of Spirit. He praised Haralson’s numerous accomplishments, stating, “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.”
McMenamy, with a nearly four-decade career in corporate finance, brings extensive experience to his new role. Before joining Spirit in 2017, he held multiple positions at American Airlines, including Vice President, Finance; Vice President, Financial Planning and Analysis; and Vice President and Controller. His academic credentials include a Bachelor of Science in Financial Economics from Rockhurst College and an MBA from Northwestern University’s J.L. Kellogg Graduate School of Management, complemented by his status as a Certified Public Accountant.
“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,” said Christie.
The company has initiated a comprehensive search for a new CFO with the assistance of a leading executive search firm, signaling a proactive approach towards ensuring robust leadership continuity.
In parallel, Spirit remains engaged in constructive discussions with bondholders, with the aid of Perella Weinberg & Partners L.P. and Davis Polk & Wardwell LLP as advisors. The airline is actively implementing initiatives from its go-forward plan, anticipating cost-saving measures to yield over $75 million in 2024, with potential annualized savings surpassing $100 million. These developments underline Spirit’s commitment to operational excellence and fiscal prudence amid the dynamic challenges of the airline industry.