Allegiant Travel Company president and COO resigns

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By TESTCustomwebLP TESTCustomwebLP October 2, 2014 19:45

Allegiant Travel Company president and COO resigns

Allegiant has announced that Andrew C. Levy, President and COO of Allegiant Travel Company, has resigned from his executive positions with the company and will step down from the Allegiant board.

For the past 13 years, Levy has led Allegiant in a variety of roles, including most recently as President, Chief Operating Officer and Board Member and previously as Managing Director and Chief Financial Officer. During his tenure, Allegiant has grown from a single aircraft company to a billion dollar leader in the leisure travel space that has posted 46 consecutive profitable quarters.

“Andrew and I have been shoulder to shoulder at Allegiant since its earliest days. He has been tremendously valuable in building the company to where it is today,” said Maurice J. Gallagher Jr., Allegiant’s Chairman and CEO of Allegiant Travel Company. “I thank him for his contributions. I know I speak for many when I say he will be missed.”
Gallagher and the executive team will temporarily assume his duties while Allegiant, in conjunction with its Board of Directors, identifies Levy’s successor. Levy will continue to serve as an advisor to the company for the next several months.

“This is a decision I considered carefully and feel confident there is tremendous momentum for the initiatives I’ve championed. I have no doubt Allegiant will not skip a beat due to the outstanding management team that remains intact, led by Maury,” said Levy. “These past 13 years have been exciting, and I am extremely proud of the company we have built, but it is time for me to pursue more entrepreneurial opportunities. I am excited about the future. Allegiant’s future is also very bright and I feel confident I am leaving at a time when Allegiant is strong, healthy and poised for ongoing growth.”

In accordance with Levy’s separation agreement all unvested equity incentive options and restricted stock will immediately vest, thus impacting stock compensation expense during the third quarter. The company will update its cost guidance in the upcoming September traffic release.

“Allegiant’s ability to produce strong financial results, successfully balance capital allocation opportunities for company growth and shareholder returns has long been viewed as positive by the investment community,” said Levy. “I continue to hold a large investment in Allegiant, which I look forward to continuing into the future.”

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By TESTCustomwebLP TESTCustomwebLP October 2, 2014 19:45