Ex-HP CEO Franke takes the helm at Spirit Airlines

 
Old Jul 14, 06, 10:16 am
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Ex-HP CEO Franke takes the helm at Spirit Airlines

This report in today's Arizona Republicwill be of particular interest to long-time HP fliers, who lived through the dark, dreadful Franke years.

In fairness, though, it could certainly be argued that there may not be a HP or HP/US today, were it not for his tight-fisted, seemingly short-sided management approach to steer them out of a bankruptcy that most in the industry believed wasn't possible. Arguably, he just stayed around a little too long. . .

AmWest vet takes helm at Spirit Airlines

Dawn Gilbertson
The Arizona Republic

Bill Franke, longtime chairman and chief executive officer of America West Airlines, is back in the U.S. airline business.

Franke's Phoenix-based investment firm, Indigo Partners, purchased a controlling interest in Spirit Airlines, and Franke was named chairman of the airline's board of directors. He already is chairman of Indigo's other airline investments, Tiger Airways in Singapore and WizzAir in Hungary.

The size of Indigo's investment in the privately held airline was not disclosed, but Spirit said it gives the company "significant resources."

The former controlling investor, Oaktree Capital Management, acquired its majority stake in the airline for $125 million in 2004 and last year was part of a group that invested another $100 million in the airline. Oaktree remains involved and was part of the latest deal, Spirit said.

Spirit, based in Fort Lauderdale, Fla., offers 130 daily flights to 30 cities in the United States, the Caribbean and the Bahamas. It does not serve Phoenix. The airline said it has annual revenue of $500 million. (Tempe-based US Airways has about $10 billion in annual revenue.) (More here)
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Old Jul 14, 06, 10:37 am
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And of course, every US flyer's favorite airline exec, BBB, is the CEO of Spirit. A match made in heaven.
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Old Jul 14, 06, 10:43 am
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Originally Posted by whlinder
And of course, every US flyer's favorite airline exec, BBB, is the CEO of Spirit. A match made in heaven.
How funny! I forgot that. 'Match made in heaven,' indeed.
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