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Why Spirit Airlines Named a New CEO

In what appears to be a surprise move, Spirit Airlines Inc. (NASDAQ: SAVE) on Tuesday announced that Robert L. Fornaro has been named the company’s president and CEO, effective immediately, replacing Ben Baldanza, who had served in the role since 2006. The announcement noted only that Baldanza had recently moved his family to the Washington, D.C., area. Spirit is headquartered in Miramar, Fla.

Spirit has had a tough year. The stock is down nearly 50% and the ultra-low-cost carrier has faced price challenges from larger carriers that lately have begun to push back against the low fares...


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