Spirit Airlines: We have a new CEO and a new plan

Spirit Airlines Group, which operates American Airlines Group and Spirit Airlines International, has named a new chief executive and is planning to expand its reach.

In a statement on Tuesday, Spirit said Richard O. Cavanaugh, who joined the airline in 2014, would assume the role in early 2019.

The airline said he will serve for the next two years.

Cavanaugh’s predecessor, Mike Haggart, took over in February.

In his statement, Cavanaugh said he wants to continue to make our company the world’s leading and most trusted airline, and continue to build upon our strong foundation.

“I look forward to working with our new leadership team, and with the broader team, to continue the momentum that our passengers and staff have shown us,” he said.

Spirit announced that Cavanaugh will replace Mike Hoggart, who left the company in January after less than two years on the job.

Haggarts departure was announced in January.

In October, the airline announced a $15 million buyout to help it refinance its debt, a move that followed the announcement that American had acquired Continental.