Sun Country Airlines descends to record low as CFO departs to head Spirit

Shares of low-cost carrier Sun Country Airlines SNCY.O down 5.9% at $9.29 on Thurs as its finance chief leaves to take the reins at struggling rival Spirit Airlines SAVEQ.PK

SNCY shares slumped as much as 9.5% early Thurs to record low of $8.93

Spirit on Thurs appointed Dave Davis as new CEO, beginning on Mon, weeks after emerging from bankruptcy and reconstituting its board

Sun Country in a regulatory filing on Thurs announced Davis' departure, saying expects to start formal search process for a permanent replacement

Co's board appointed Bill Trousdale as interim CFO. Trousdale has served as co's VP of financial planning and treasurer since 2018

Also, co said Gregory Mays is stepping down from his role as COO, but will remain an employee for a mutually agreed timeframe to assist with transition of his duties

Mays' resignation not a result of any disagreement with co or the board, it said in the filing

In Feb, private equity sponsor Apollo Global Management APO.N divested its remaining 12% stake in SNCY via ~6.3 mln share secondary offering

APO acquired co in 2017 and took SNCY public in 2021 IPO priced at $24

With move on Thurs, SNCY shares down 36% YTD

Avg rating among 9 analysts is "buy" and median PT is $16, LSEG data shows