Continental Airlines (NYSE: CAL) announced
today that Greg Brenneman has resigned as president, chief operating officer
and director to return to his Texas-based private equity firm TurnWorks, Inc.
He will remain as a consultant to the airline until June 30.
Brenneman`s decision to leave follows 24 consecutive quarters of profits
at the airline, in one of the most successful turnarounds in U.S. corporate
“It has been an honor to be part of the leadership of Continental over the
past six years. Working together, the professional men and women at
Continental have created one of the finest companies in the world,” Mr.
Brenneman said. “We have consistently delivered industry leading financial
and operating performance, created one of the best places to work in the world
and developed the most talented management team in the industry. All of these
factors, along with the nearing completion of one of my projects, the Newark
Global Gateway, make the timing right for me to pursue other business
interests. I wish Gordon Bethune and the entire Continental family the very
“Greg and I have been partners for the past six years. He has added
immeasurable value to the Continental team,” said Gordon Bethune,
Continental`s Chairman and CEO. “I know I speak for all 55,000 of us at
Continental when I say thank you and good luck.”
“On behalf of the Board, we would like to thank Greg for his outstanding
performance at Continental,” said Thomas J. Barrack, Jr., a director and
chairman of the Board`s Human Resources Committee. “We were clearly
disappointed when he informed us of his desire to make a transition. He is
one of the most talented business executives we have worked with in any
industry and his hard work has positioned Continental to be a winner for many
years to come. We wish him the best in his future endeavors.”
Bethune added: “We have solid bench strength in our executive team at
Continental and we will announce a new management lineup and reporting
structure at the upcoming May 15, 2001 meeting of the company`s Board of
Directors.” Bethune anticipates that Larry Kellner, currently Executive Vice
President and Chief Financial Officer, will be elected President at that
meeting, and that C.D. McLean, currently Executive Vice President -
Operations, will be elected Executive Vice President and Chief Operating
Officer, and Jeff Smisek, currently Executive Vice President and General
Counsel, will be elected Executive Vice President - Corporate.
Brenneman joined Continental in November 1994 and was named chief
operating officer in May 1995. He was appointed President in September 1996.
Brenneman also announced that he was creating two endowments within
Continental to help employees. The first involves a $250,000 gift to We Care,
a program administered by Continental employees to help Continental employees
in need. The second involves a $250,000 gift to the Continental Management
Association Scholarship Fund to provide scholarships for Continental employees
who want to further their education.
“I have been richly blessed both financially and personally during my time
at Continental. I am pleased to be able to give something back to my co-
workers who have been responsible for my success,” said Brenneman.
Continental Airlines is the fifth largest airline in the U.S., offering
more than 2,200 departures daily to 136 domestic and 92 international
destinations. Operating hubs in Newark, Houston, Cleveland and Guam,
Continental (http://www.continental.com) serves more international cities than any
other U.S. carrier, including extensive services throughout the Americas,
Europe and Asia.
LAWRENCE W. KELLNER
Lawrence W. Kellner is executive vice president and chief financial
officer of Continental Airlines, Inc., a position he has held since 1995. In
this position, Kellner is responsible for the airline`s overall financial
operations including treasury, financial planning, technology, tax,
accounting, investor relations, fleet, fuel purchasing, internal audit and
Prior to joining Continental, Kellner was executive vice president and
chief financial officer of American Savings Bank, with approximately
$20 billion in assets, where he was responsible for all financial operations
and strategic planning. Prior to joining American Savings Bank, Kellner was executive vice
president and chief financial officer of The Koll Company. While at The Koll
Company, he managed the $5 billion domestic and international real estate
portfolio of both the company and its 250 affiliated partnerships. He began
his career at Ernst & Young, where he was responsible for the operation and
administration of the firm`s real estate consulting and accounting division in
Kellner has the distinction of being the first three-time winner in the
history of the 2000 CFO Excellence Awards published by CFO magazine. Kellner
garnered the award in the Information/Knowledge Management category in 2000,
the Turnaround Management category in 1999 and the Managing External
Stakeholders category in 1998, for restoring Continental`s credit and reducing
the airline`s cost of debt. In addition, the University of South Carolina
presented him with the Distinguished Alumni Award in 1998.
Kellner graduated magna cum laude with a bachelor of science, business
administration degree from the University of South Carolina. He is active in
numerous community and civic organizations. Kellner currently serves on the
board of directors for Orbitz.com, Belden & Blake Corporation, the YMCA of the
Greater Houston Area, and the Spring Branch Education Foundation. He and his
family reside in Houston.