WestJet shares fall after president and CEO resigns
March 16, 2010, Calgary - Shares of WestJet Airlines Ltd. fell nearly four per cent today in the wake of the resignation of the Calgary discount carrier's president and chief executive.
March 16, 2010 By The Canadian Press
Stock of Canada's second-biggest airline fell 51 cents or 3.7 per cent to $13.36 in early trading on the Toronto Stock Exchange
Late Monday, Sean Durfy announced he will resign his position on April 1 for "personal reasons'' and will stay on until Sept. 1 to help with the transition.
WestJet did not say whether Durfy was pushed out or left voluntarily, but the company has been hit by weak earnings and a problem filled launch of a new reservation system that has eaten into profits
Durfy will be replaced by Gregg Saretsky, who joined WestJet in June 2009 as vice-president of WestJet Vacations before becoming vice-president of operations in October. He has also held positions with the now-defunct Canadian Airlines and Alaska Airlines.
Durfy and Saretsky are set to hold a news conference in Calgary later in the day.