Continental Airlines president and COO Jeff Smisek will replace Larry Kellner as CEO on Jan. 1, 2010, the airline said late today.
Kellner will head Emerald Creek Group LLC, a new Houston-based private investment firm, Continental said.
Smisek, a 14-year Continental veteran, has served as president since December 2004 and as COO since October 2008. "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," Smisek said.
Kellner replaced Continental legend Gordon Bethune as CEO in
December 2004. During his tenure, Continental avoided bankruptcy and announced plans to leave the SkyTeam airline alliance for a new joint venture with Star Alliance carriers United Airlines, Lufthansa and Air Canada
(BTNonline, June 30, 2008).
"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 said in a statement.