JEFF SMISEK TO
BECOME CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF CONTINENTAL AIRLINES; LARRY
KELLNER TO RETURN TO PRIVATE EQUITYAFTER 14 YEARS WITH THE
AIRLINE
HOUSTON,
July 16, 2009 -- Continental Airlines (NYSE: CAL) announced today that Jeff
Smisek, 54, Continental’s president and chief operating officer and a member
of
the board of directors, will become chairman and chief executive officer,
effective January 1, 2010. Smisek will succeed Larry Kellner, 50, who has
decided to return to private equity at year-end after 14 years with Continental,
the last five of them as chairman and CEO.

“It has been a great honor to lead the professional men and women of
Continental
and be part of the premier airline in the industry,” Kellner said. “I have
worked closely with Jeff throughout my tenure, and he is a strong and effective
leader. I am confident Jeff will maintain Continental’s unique culture and
successfully lead the Continental team through these challenging
times.
“While
I will deeply miss my co-workers at Continental, it is the right time for this
transition. Continental has gained approval from DOT of our Star Alliance
application, which will allow us to continue as an effective global
competitor,”
Kellner added.
“The
Board thanks Larry for his tremendous leadership of Continental during some of
the most challenging times this industry has faced,” said Henry Meyer, lead
director for Continental.
“The
Board has consistently focused on succession planning, and Jeff’s experience,
skills and long partnership with Larry make him the ideal executive to succeed
Larry as chairman and CEO. We look forward to working with Jeff as he continues
Continental’s industry leadership.”
“Although
I am saddened that Larry has decided to move on, I respect his decision and wish
him continued success,” said Smisek. “Over the next several months, Larry
and I
will work together to ensure a smooth transition. Our entire team will remain
focused on returning our company to profitability, and Continental’s great
culture will continue to be the driving force of the company’s long-term
success,” he added.
Houston-based
board member Pastor Kirbyjon Caldwell noted Kellner’s civic contributions.
“The Houston community has been blessed with having Larry as both a leader at
Continental and a leader of our community. Continental has been a tremendous
partner to the Houston community and we look forward to working with Jeff as he
assumes his new role,” said Pastor Caldwell.

Continental was named Fortune magazine’s No. 1 Most Admired Global Airline in
each year of Kellner’s tenure as chairman and CEO. He fostered
Continental’s
working together culture, while leading the carrier’s expansion into London
Heathrow, China and India and focusing the company on fuel efficiency and
environmental responsibility.
Kellner
will head Emerald Creek Group, LLC, a new private investment firm based in
Houston.
Jeff
Smisek biography
Jeff
Smisek is president and chief operating officer of Continental Airlines and a
member of the Board of Directors. He is responsible for airline operations,
including flight operations, inflight, airports, catering, cargo, maintenance
and technical operations, and also human resources and labor relations, global
real estate, security and environmental affairs, corporate communications,
federal affairs, and international, state and local affairs. Over the course of
his tenure at Continental, he has also overseen sales and marketing, technology
and legal affairs.
Smisek
joined the airline in March 1995 as senior vice president and general counsel,
and has since held positions of increasing responsibility. He became president
in December 2004 and president and chief operating officer in September 2008.
Prior to joining Continental, Smisek was a partner at Vinson & Elkins LLP,
where he specialized in corporate finance and securities
law.
Smisek
graduated from Princeton University, A.B. summa cum laude in economics, in 1976,
and Harvard Law School, J.D. magna cum laude, in 1982. He also serves on the
board of directors of National Oilwell Varco, Inc. Smisek and his wife reside in
Houston and are long-time supporters of numerous charitable and civic
organizations.
Larry
Kellner biography
Kellner
joined Continental in 1995 as chief financial officer. In May 2001, he was
elected president of the airline and to the Board of Directors, and in March
2003, he was named president and chief operating officer. He became chairman and
chief executive officer in December 2004.
Prior
to joining Continental, Kellner was executive vice president and chief financial
officer of American Savings Bank, owned by The Robert M. Bass Group. Prior to
that, he was executive vice president and chief financial officer of The Koll
Company, a private real estate investment and construction
firm.
Kellner
graduated magna cum laude with a bachelor of science in business administration
from the University of South Carolina, where he served as Student Body
President. In addition, the University of South Carolina presented him with the
Distinguished Alumni Award in 1998.
Kellner
is active in numerous community and civic organizations. He currently serves on
the board of directors for Marriott International and the Air Transport
Association. On the civic front, he is a member of the board of directors for
the Methodist Hospital, YMCA of Greater Houston, the Greater Houston
Partnership, the Spring Branch Education Foundation, and Central Houston, Inc.,
and is a member of the Boy Scouts of America National Executive Board. Kellner
also serves on the advisory boards of the March of Dimes and Teach for America,
and is on the development board of the University of Texas Health Science Center
at Houston. He resides in Houston with his wife, Susan, and their four
children.
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