DALLAS, April 21, 2011 /PRNewswire/ -- Southwest Airlines
(NYSE: LUV) said today it intends to close on its transaction to
acquire AirTran Holdings, Inc. (NYSE: AAI), on May 2, 2011. Upon close, Southwest also
said it anticipates that Bob Jordan,
Southwest's Executive Vice President Strategy and Planning, will be
appointed as President of AirTran Airways to help guide AirTran
through its integration with Southwest.
For a photo and bio of Bob
Jordan, please click here:
http://swamedia.com/channels/Officer-Biographies/pages/bob_jordan
"With the overwhelming approval of AirTran stockholders in
March, we are ready to move forward with closing the transaction,
now planned for May 2nd," said Gary
Kelly, Southwest's Chairman, President, and CEO. "We
anticipate that all necessary regulatory approvals will be obtained
by that date. We look forward to that milestone day, first
and foremost, so that we can begin the exciting work to integrate
AirTran into Southwest, and welcome the AirTran Crew Members fully
into the Southwest Family."
Upon close, Jordan would continue reporting to Kelly, and
maintain his current responsibilities for Southwest's Technology,
Finance, Internal Audit, and Corporate Planning Departments, while
leading AirTran through the transition period until full
integration with Southwest is achieved in 2013.
Jordan will continue to serve on the joint Integration Board
consisting of Gary Kelly,
Bob Fornaro (AirTran CEO),
Mike Van de Ven (Southwest Executive
Vice President & Chief Operating Officer), Loral Blinde
(AirTran Senior Vice President Human Resources and Administration),
and Jeff Lamb (Southwest Senior Vice
President Administration & Chief People Officer). The
Integration Board will continue to provide overall direction of the
integration efforts. This structure, along with the
Integration Leadership roles that Lamb and Blinde have, will
continue after closing of the transaction. Bob Fornaro, after
the transaction close, will move to a new role as a full-time
consultant for the integration of the two airlines, working closely
with Kelly and Jordan to ensure a smooth transition.
Until a single operating certificate is achieved as expected in
2012, AirTran operational Departments will continue their existing
reporting relationships under the Leadership of Klaus Goersch, AirTran's Executive Vice
President Operations and Customer Service. Goersch would
report directly to Jordan, and he would work closely with
Van de Ven, who would assume the
overall Leadership for the operations of both airlines.
The remainder of the organizational structure for AirTran will
be refined over the next few weeks and communicated after the
transaction closes.
On September 27, 2010, Southwest
Airlines announced that it entered into a definitive agreement to
acquire all of the outstanding common stock of AirTran for a
combination of cash and Southwest Airlines' common
stock. Southwest has said the combination with AirTran will
serve more than 100 destinations, including four new airports added
by the carriers in 2011. It estimates that this will generate
hundreds of millions in annual savings for consumers. These fare
savings will result from expanding the well-known "Southwest
Effect" of reducing fares and stimulating passenger traffic
wherever Southwest flies.
About Southwest Airlines
In its 40th year of service, Southwest Airlines continues to
differentiate itself from other low-fare carriers--offering a
reliable product with exemplary Customer Service. Southwest
Airlines is the nation's largest carrier in terms of originating
domestic passengers boarded, now serving 72 cities in 37 states
with the addition of service to Newark Liberty International
Airport on March 27, 2011. Southwest
also is one of the most honored airlines in the world known for its
commitment to the triple bottom line of Performance, People, and
Planet. To read more about how Southwest is doing its part to be a
good citizen, visit southwest.com/cares to read the Southwest
Airlines One Report(TM). Based in Dallas, Southwest currently operates more than
3,400 flights a day and has nearly 35,000 Employees systemwide.
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains forward-looking statements related to
Southwest's anticipated acquisition of AirTran Holdings, Inc.
("AirTran"). Specific forward-looking statements relate to
Southwest's plans and expectations with respect to timing and
integration matters. These forward-looking statements are
based on Southwest's current beliefs, intent, and expectations, and
are not guarantees of future performance or results. These
statements therefore involve risks, uncertainties, assumptions, and
other factors that are difficult to predict and that could cause
actual results to vary materially from those expressed in or
indicated by them. Factors include, among others, the
possibility that the transaction is delayed or does not close,
including due to the failure of closing conditions. Additional
information concerning the risks associated with Southwest's
anticipated acquisition of AirTran is included under the heading
"Risk Factors" in Southwest's Annual Report on Form 10-K for the
fiscal year ended December 31, 2010,
and in Southwest's registration statement on Form S-4 filed with
the SEC that includes a proxy statement of AirTran that also
constitutes a prospectus of Southwest.
SOURCE Southwest Airlines