Spirit Airlines CEO Scores $3.8M Bonus Just Before Bankruptcy Filing ✈️

Spirit Airlines CEO Ted Christie received a $3.8 million retention bonus a week before the Florida-based carrier filed for Chapter 11 bankruptcy. Christie will retain the bonus if he remains with the company for another year. The airline's stock has dropped over 90% this year. It has faced challenges including a blocked $3.8 billion merger with JetBlue and failed talks with Frontier. The pandemic disrupted Spirit's operations and travel patterns, reducing its daily aircraft utilization and increasing costs. Demand has shifted to full-service airlines as higher-income travelers vacation more, while inflation impacts lower-income consumers.