Spirit Airlines president and CEO Ben Baldanza has stepped
down, and former AirTran president and CEO Robert Fornaro will take his place.
Baldanza, who joined Spirit as COO in 2005 and became
president and CEO the subsequent year, said, “This is the right time to
implement an orderly succession plan.” Fornaro has been a member of Spirit’s
board since May 2014.
A research note from Cowen and Company said the leadership
change could indicate consolidation on the horizon, given Fornaro’s role in
selling AirTran to Southwest Airlines.
“If Spirit were to participate in M&A, they would likely
look to consolidate with an airline that flies the A320,” according to the
note. “The carriers that fit the A320 parameter are Frontier, JetBlue, Virgin
America and potentially Allegiant.”
The change also could indicate “an even more
conservative approach to capacity growth” by Spirit, the note indicated.