VOL. 126 | NO. 51 | Tuesday, March 15, 2011
Pinnacle's Trenary to Resign March 24
By Bill Dries
Pinnacle Airlines Corp. CEO Phil Trenary has announced his resignation effective March 24 to pursue “other interests outside the company,” according to a Pinnacle written statement released Monday afternoon.
Trenary has agreed to remain with the company as consultant for the next year and to assist in the transition in leadership.
Pinnacle board chairman Donald J. Breeding assumes the role of interim CEO as the board searches for a replacement.
Under Trenary’s leadership, Pinnacle grew to include three subsidiary regional airlines with the acquisition of Colgan Air in 2007 and Mesaba Airlines in 2010.
As the corporation announced its 2010 year-end numbers and fourth-quarter earnings last month, Trenary emphasized the year ahead would be one of transition for the corporation.
The transition includes going from three regional air carriers to two – one for turbo prop fleet and the other for a jet fleet.
In making the transition Pinnacle Corp. reached $1 billion operating revenue in 2010. But the earnings were short of analysts’ estimates. The carriers it provides service for underwent their own changes that affect Pinnacle’s bottom line.
But the acquisition of two regional carriers in four years has been a priority.
“Anytime you have an integration like this … it’s very important to get it right both from an operations standpoint and from a cultural standpoint,” Trenary said last month. “The two remaining carriers will be more profitable than the three independent carriers today.”
Last year, Pinnacle also began searching for a new headquarters away from the airport area and became the prime tenant for One Commerce Square Downtown.