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Continental's Bethune sets plan to step down=20
=09
=09
Reuters <http://money.excite.com/img/logo_reuters.gif> =09
Friday January 16, 7:41 AM EST=20
(Adds details)
NEW YORK, Jan 16 (Reuters) - Continental Airlines Inc. (CAL
<http://money.excite.com/jsp/qt/full.jsp?time=3D0&symbol_search_text=3DCA=
L>
) on Friday said Chairman and Chief Executive Officer Gordon Bethune
will retire at the end of 2004, earlier than originally planned, and
will be succeeded by President Larry Kellner.
The airline also said four members of the airline's board of directors
-- including David Bonderman, with whom Bethune had often feuded over
corporate issues -- would not stand for re-election, and board size
would shrink to 10 directors from 14.
Bethune, the longest-standing CEO at a major U.S. airline, said in
September that the presence of Texas financier Bonderman on
Continental's board was distracting management and employees, largely
because of the stake Bonderman's investment firm holds in rival airline
America West Holdings Corp. (AWA
<http://money.excite.com/jsp/qt/full.jsp?time=3D0&symbol_search_text=3DAW=
A>
). Others leaving the board include Pat Foley, Richard Pogue and William
Price.
Kellner, who joined the airline in 1995 as senior vice president, was
named president and elected to the board in May 2001 and was given
additional responsibilities of chief operating officer in May 2003.
He will succeed Bethune on Jan. 1, 2005.
Bethune said in December that Continental was working to break even in
2004, as the industry is again struggling to emerge from the shambles
after the economic slump and the Sept. 11, 2001 attacks.=20
=A92003 Reuters Limited.=20
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