Allegiant (Las Vegas) announced Andrew C. Levy, President and COO of Allegiant Travel Company, has resigned from his executive positions with the company and will step down from the Allegiant board.
For the past 13 years, Mr. Levy has led Allegiant in a variety of roles, including most recently as President, Chief Operating Officer and Board Member and previously as Managing Director and Chief Financial Officer. During his tenure, Allegiant has grown from a single aircraft company to a billion dollar leader in the leisure travel space that has posted 46 consecutive profitable quarters.
Mr. Gallagher and the executive team will temporarily assume his duties while Allegiant, in conjunction with its Board of Directors, identifies Mr. Levy’s successor. Mr. Levy will continue to serve as an advisor to the company for the next several months.
In accordance with Mr. Levy’s separation agreement all unvested equity incentive options and restricted stock will immediately vest, thus impacting stock compensation expense during the third quarter. The company will update its cost guidance in the upcoming September traffic release.
According to Bloomberg Businessweek, “Mr. Andrew C. Levy has been the President of Allegiant Travel Company since October 2009 and has been its Chief Operating Officer and a Director since October 21, 2013. Mr. Levy has been the Chief Financial Officer of Allegiant Air, LLC. since August 2007 and also has been its President served as its since October 2009. Mr. Levy served as Managing Director of Planning and Secretary at Allegiant Travel Co. until October 2009, and as its Chief Financial Officer since October 18, 2007 until May 2010. He served as Managing Director of Planning of Allegiant Air, LLC. Mr. Levy joined Allegiant in June 2001 and is responsible for Allegiant Travel Co. market planning, fleet planning, scheduling, fuel risk management, fuel purchasing and corporate development. From February 1998 to March 2001, Mr. Levy served various management positions at Mpower Communications, Savoy Capital and ValuJet Airlines. From July 1996 to February 1998, Mr. Levy served on Airline Advisory and Transactional as Vice President with Savoy Capital. From 1994 to 1996, Mr. Levy served various positions with ValuJet Airlines including Director of Contracts and was responsible for stations agreements, insurance, fuel purchasing and other related activities.”