Tripling growth in five years isn't a bad legacy to be associated with.
JetBlue Airways Corp.’s Mark Powers will retire as chief financial officer after five years, and will be replaced on an interim basis by Treasurer Jim Leddy.
Powers, 63, will serve as an adviser for one year after stepping down on Nov. 1, the New York-based airline said in a statement Tuesday. The temporary appointment of 53-year-old Leddy must be approved by JetBlue’s board at a regular meeting next week.
“During Mark’s tenure JetBlue has nearly tripled in size in crewmembers, fleet and network,” Chief Executive Officer Robin Hayes said in the statement. “We have grown revenue in excess of $4 billion” and “reduced total debt by $800 million,” he said.
Powers, who joined JetBlue in 2006 as treasurer, previously worked at Continental Airlines, Northwest Airlines, Texas Air and General Electric Co.’s jet engine unit. He will continue to earn his current annual salary of $425,000 while serving as a consultant and will be eligible to receive a $95,000 bonus in April and a final payment of $25,000 at the end of his consulting work, the airline said in a regulatory filing. He also will be eligible for a pro-rated bonus for this year.
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This article was written by Mary Schlangenstein from Bloomberg and was legally licensed through the NewsCred publisher network.
Photo credit: The most recent interiors of JetBlue's fleet. During CFO Powers' tenure, the airline expanded its fleet dramatically. JetBlue