Posted on: 15 March 2011 by Ross McSweeny
Phil Trenary, president and CEO of Pinnacle Airlines Corporation (PNCL) has decided to resign with effect from 24 March to pursue other interests outside the company.
Pinnacle’s chairman Donald Breeding will take on the role of Interim CEO until a search can commence and a permanent replacement is found, although with the board’s full support Trenary will stay on as a consultant for one year to assist in the seamless transition to a new CEO.
"Phil has presided over a period of significant growth for Pinnacle and built a strong foundation anchored by a spirited group of dedicated employees. He has positioned the airline to realise great success. We wish Phil the very best as he moves forward to other challenging ventures," Breeding remarked.
"I’ll always cherish my time and friendships at Pinnacle. It has been without a doubt the most meaningful chapter in my career," Trenary acknowledged. "Pinnacle Airlines Corporation is positioned well to own our future."
Under Trenary’s leadership, Pinnacle has grown from a $78 million turboprop-only airline with a fleet of 36 aircraft, to a regional airline with diverse revenue streams, annual revenues of more than $1 billion and a fleet of nearly 300 aircraft. Trenary oversaw the acquisition and integration of Colgan Air in 2007 and Mesaba Airlines in 2010.
The company’s statement adds: “Trenary assembled a skilled management team focused on cutting-edge safety leadership, creating opportunity for employees, effectively serving the world’s largest major air carriers, and earning profitable returns for shareholders. Most recently, Trenary and his management team secured long-term agreements with labour to effectively and reliably serve its major carrier partners for the long term”.
No substantive changes to current operations are planned under Interim CEO Breeding. Plans enacted under Trenary’s leadership, including the company’s planned headquarters relocation to downtown Memphis, are proceeding on schedule.