Las Vegas-based Allegiant Travel Co. has announced that president and COO Andrew Levy has resigned from his executive positions with the company and will step down from the Allegiant board.
Levy has led Allegiant in a variety of roles for 13 years, including most recently as president, COO and board member. He was previously managing director and CFO. 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.
Allegiant chairman and CEO Maurice Gallagher said, “Andrew and I have been shoulder to shoulder at Allegiant since its earliest days. He has been tremendously valuable in building the company to where it is today. “I thank him for his contributions. I know I speak for many when I say he will be missed.”
Allegiant said in a statement that Gallagher and the executive team will temporarily assume his duties while Allegiant, in conjunction with its board of directors, identifies a successor. Levy will continue to serve as an advisor to the company for the next several months.
“This is a decision I considered carefully and feel confident there is tremendous momentum for the initiatives I’ve championed. I have no doubt Allegiant will not skip a beat due to the outstanding management team that remains intact, led by Maury,” Levy said, adding that “it is time for me to pursue more entrepreneurial opportunities. I am excited about the future. Allegiant's future is also very bright and I feel confident I am leaving at a time when Allegiant is strong, healthy and poised for ongoing growth.”
Allegiant said in a statement that “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."
“Allegiant’s ability to produce strong financial results, successfully balance capital allocation opportunities for company growth and shareholder returns has long been viewed as positive by the investment community,” Levy said. “I continue to hold a large investment in Allegiant, which I look forward to continuing into the future.”