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Spirit Airlines Adds Fred Cromer as Chief Financial Officer | News
US ultra-low-cost carrier Spirit Airlines has appointed Fred Cromer as its chief financial officer, tasked with helping the company chart a profitable course for the future.
Cromer will begin his new role on July 8, working closely with interim CFO Brian McMenamy, who will remain at Spirit in a “senior finance role” to assist with the transition.
“Cromer brings three decades of experience in the aviation industry, with expertise in financial management, strategic planning, treasury and operations,” Spirit said July 1.
His experience includes stints as CFO of now-defunct regional carrier ExpressJet Airlines, president of Bombardier Commercial Aircraft and CEO of Xwing.
Notably, Xwing – a Bay Area California company focused on developing autonomous aviation technology – was recently acquired by air taxi developer Joby Aviation.
“Fred’s extensive career in aviation and his proven track record of strategic financial leadership across all aspects of the industry bring valuable insights and expertise that will help us successfully evolve our business model as we navigate the changing demand environment,” said Spirit CEO Ted Christie.
Cromer’s appointment comes less than a month after McMenamy was named interim CFO of Spirit, after the resignation by Scott Haralson.
Haralson left Spirit to pursue another opportunity at “a larger, publicly traded company outside the airline industry,” according to a filing with the U.S. Securities and Exchange Commission. He now works as CFO of the car rental company Hertz, according to his LinkedIn profile.
Spirit lost $143 million in the first quarter of 2024 amid heightened competitive pressures that have prompted the airline to downsize and seek cost savings. It is adjusting its business model after a failed partnership with JetBlue Airways and is also grappling with the grounding of double-digit numbers of Airbus A320neo family jets due to Pratt & Whitney engine problems.
Last month, Spirit announced that it had increased the maximum weight for checked bagsanother sign that it is moving away from its historic no-frills model, as it has eliminated additional fees for flight changes or cancellations.
Spirit also announced on July 1 the appointment of Dana Shapir Alviene as senior vice president of flight and airport experience. ULCC also transferred longtime executive Tomas Ranaldi to the role of vice president of financial planning and analysis.