American Airlines taps insider Devon May as CFO
Reuters
Published Dec 13, 2022 07:28AM ET
Updated Dec 13, 2022 08:46AM ET
(Reuters) -American Airlines Group Inc said on Tuesday long-time finance chief Derek Kerr will step down from the role and be replaced by company veteran Devon May, at a time when the carrier faces the task of fixing its debt-laden balance sheet.
Kerr, who previously served as the CFO of America West and US Airways, will remain the vice chairman and strategic adviser at American Airlines (NASDAQ:AAL) and also the president of regional airline American Eagle (NYSE:AEO).
May, who joined America West in 2002, is currently American Airlines' senior vice president of finance and investor relations and will begin his new role on Jan. 1.
The transition comes at a time when U.S. carriers face cost pressures from high jet fuel prices and bumper contracts for workers, though booming travel demand has given them strong pricing power.
The industry also continues to face adverse weather conditions, which have impacted flight schedules over the year.
Debt reduction remained a "top priority", American Airlines had said in September, adding that the company is on track to reduce total debt levels by $15 billion by the end of 2025.
"Given we are back to profitability and well on our way to reducing our debt levels, it's the ideal time to make this transition," Kerr said on Tuesday.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.