Spirit Airlines CEO Receives $3.8M Retention Bonus Before Bankruptcy Filing

The airline's leadership team was awarded bonuses to stay through its Chapter 11 restructuring process, with stock value plummeting and financial losses mounting.

Spirit Airlines filed for Chapter 11 bankruptcy this week, aiming to restructure and emerge by spring 2025.
CEO Ted Christie received a $3.8 million retention bonus just days before the bankruptcy filing, contingent on staying with the company for a year.
Additional retention bonuses were awarded to other top executives, including the CFO, COO, and CIO, to ensure leadership stability during the restructuring process.
The airline's stock was delisted from the New York Stock Exchange, rendering shares held by executives effectively worthless.
Spirit Airlines has struggled with mounting debt, shifting travel demand, and operational challenges since the pandemic, losing over $2.5 billion since 2020.