CEO Doug Parker will hand over the reins of the No. 1 U.S. airline to president Robert Isom on March 31, the company said on Tuesday, sending its shares up 2% in morning trade.
Isom faces the challenge of repairing American's balance sheet as the pandemic has left it with the largest debt stock in the U.S. airline industry. He will also have to work on improving relations with the company's labor unions. Returning to profitability, however, is contingent upon a full recovery in travel demand. Isom said while the airline's domestic business remained strong, new travel restrictions following the Omicron variant's discovery had dampened demand in some international markets.Isom, 58, has been playing a key role in developing American's strategy before and through the pandemic.
"While we still have work to do, the recovery from the pandemic is underway and now is the right time to make the transition," he said.
Parker ,60, will continue as chairman of American's board .
Parker said Covid delayed his succession plans .
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