newswatcher
3rd May 2001, 12:58
From the UK FT:
"Greg Brenneman, one of the architects of Continental Airlines' seven-year turnround, resigned unexpectedly from the carrier on Wednesday to return to consultancy.
Mr Brenneman helped Gordon Bethune, Continental's chairman and chief executive, bring the airline back from the brink of financial ruin in 1995, first as an outside consultant for Bain & Company and then as president and chief operating officer.
He had been seen both as a potential successor to Mr Bethune and as a candidate for a series of high-level external posts at companies including Compaq Computer and Waste Management.
Mr Brenneman, 39, said he would return to his own small consultancy and private equity firm, TurnWorks. He has remained involved in TurnWorks while working for Continental, but it has been relatively inactive.
TurnWorks, which started with Continental as its main client before Mr Brenneman joined the company, has kept a low profile since but has been involved in other turnrounds, including that of Benny's Bagels, a Texas-based company.
Mr Brenneman said Continental's record of 24 consecutive quarters of profits, coupled with the nearing completion of his work on the Global Gateway programme at Newark International Airport in Newark, New Jersey, "make the timing right for me to pursue other business interests."
Continental announced that Mr Brenneman's duties would be divided between two current executives. Larry Kellner, chief financial officer, is expected to be named as president at a board meeting on May 15, and CD McLean, the executive vice president in charge of operations, will be named chief operating officer.
Mr Brenneman said he would establish two $250,000 endowments to help employees in need and to fund scholarships for Continental staff. "I have been richly blessed both financially and personally during my time at Continental," he said.
Mr Bethune said Mr Brenneman had "added immeasurable value" to the airline."
"Greg Brenneman, one of the architects of Continental Airlines' seven-year turnround, resigned unexpectedly from the carrier on Wednesday to return to consultancy.
Mr Brenneman helped Gordon Bethune, Continental's chairman and chief executive, bring the airline back from the brink of financial ruin in 1995, first as an outside consultant for Bain & Company and then as president and chief operating officer.
He had been seen both as a potential successor to Mr Bethune and as a candidate for a series of high-level external posts at companies including Compaq Computer and Waste Management.
Mr Brenneman, 39, said he would return to his own small consultancy and private equity firm, TurnWorks. He has remained involved in TurnWorks while working for Continental, but it has been relatively inactive.
TurnWorks, which started with Continental as its main client before Mr Brenneman joined the company, has kept a low profile since but has been involved in other turnrounds, including that of Benny's Bagels, a Texas-based company.
Mr Brenneman said Continental's record of 24 consecutive quarters of profits, coupled with the nearing completion of his work on the Global Gateway programme at Newark International Airport in Newark, New Jersey, "make the timing right for me to pursue other business interests."
Continental announced that Mr Brenneman's duties would be divided between two current executives. Larry Kellner, chief financial officer, is expected to be named as president at a board meeting on May 15, and CD McLean, the executive vice president in charge of operations, will be named chief operating officer.
Mr Brenneman said he would establish two $250,000 endowments to help employees in need and to fund scholarships for Continental staff. "I have been richly blessed both financially and personally during my time at Continental," he said.
Mr Bethune said Mr Brenneman had "added immeasurable value" to the airline."