According to a recent filing with the Securities and Exchange Commission, Ted Christie, the former president and chief executive officer of Spirit, received $8,169,764 in total compensation in 2024.
This compensation package included a base salary of $850,000 and $4,390,759 in bonuses. This substantial compensation package was awarded despite Spirit’s having filed for Chapter 11 bankruptcy on Nov. 18.
Pay Increases
Spirit implemented adjustments to the base salaries of its executives, including Christie, with these changes taking effect on July 1, to ensure competitive positioning, the ultra-low-cost carrier said.
His base salary was increased from $750,000 in 2023 to $950,000 in 2024, a nearly 27% raise.
In response to the challenges posed by the bankruptcy proceedings, the airline implemented a retention program. With it, Christie received $3,800,134 as a one-time cash retention award.
This award, the airline stated, was intended to “promote stability in our management team during the period of uncertainty associated with the Restructuring.”
The median total employee compensation at the carrier was $80,071 in 2024, meaning Christie made 102 times more. In 2023, Christie’s total compensation was $6,601,404, representing a nearly 24% year-over-year increase.
Separation Agreement
Christie stepped down from his role effective April 6. He was later replaced by former Sun Country executive Dave Davis.
As part of his separation agreement, Christie will receive over $1.5 million as part of a terminal agreement since he was terminated without cause, the filing states.
Last year, the carrier reported a net loss of roughly $1.2 billion. This loss was significantly higher than the $448 million reported in 2023.
In addition to the Chapter 11 bankruptcy restructuring, Spirit furloughed over 500 pilots and planned to sell 23 Airbus A320-series aircraft.
