William A. Franke, the chairman of Spirit Airlines Inc., said he plans to resign in August as private equity firm Indigo Partners LLC divest their stake in the company. A fund affiliated with the airline company, which is operated by Indigo Partners LLC, announced that it would be exiting its stake in Spirit Airlines Inc.
Mr. Franke said he plans to step down from his position at the airlines' next board meeting which is already scheduled for Aug. 7. John R. Wilson, a director of the firm, also plans to step down at that same board meeting.
The resignation of the two executives will come as equity funds affiliated with Indigo exit their stake of around 12 million shares of Spirit Airlines common stock. Acting as the exclusive underwriter for the public shares offering of the common stock is Barclays.
An analyst said that the Spirit Airlines board of directos will most likely elect H. McIntyre Gardner to succeed William Franke as the chairman of the board. Mr. Gardner has been a member of the Spirit Airlines board since 2010.
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