Spirit Airlines has quickly retained a new leader to steer the South Florida-based carrier in the wake of its exit from Chapter 11 bankruptcy.

He is David Davis, 58, who most recently has served as president, chief financial officer and board member at Sun Country Airlines, Spirit announced Thursday.

In a statement, Robert Milton, Spirit’s board chairman, said Davis “brings with him a wealth of experience and a solid track record of accomplishments from his many years in the airline industry. Dave’s background at both Northwest Airlines and, more recently, at Sun Country Airlines, positions him well to lead Spirit’s continued transformation.”

The transformation at Spirit entails attracting higher-paying customers with a wider variety of services as Spirit seeks to boost revenues at a time when traveler volume is declining industrywide.

Davis replaces Ted Christie, who stepped down as president and CEO earlier this month following a 13-year stretch at Spirit. Christie headed the carrier as it navigated through COVID-19, campaigned to improve customer service, restructured its finances through Chapter 11, and stayed the course as an independent airline after unsuccessful takeover bids initiated by Frontier Airlines and JetBlue Airways.

Substantial signing bonus

According to a regulatory filing dated Thursday, the veteran airline executive entered into a three-year employment contract that calls for an annual base salary of $950,000, as well as a $4 million signing bonus to be paid in two installments: the first to be paid on his April 21 starting date, the second on the first anniversary of his employment.

Davis is also entitled to a “target annual cash bonus opportunity of 125% of his annual base salary,” with a maximum payout of 250% of his base, according to the filing. The board of directors will decide the amount if any bonus is warranted.

Davis inherits an airline fresh from an expedited Chapter 11 bankruptcy reorganization that saw Spirit shrink through aircraft sales, layoffs and a route network overhaul.

“I am thrilled to join Spirit at this critical time in the company’s history,” Davis said in the airline’s statement. “I look forward to working with the more than 11,000 Spirit Team Members to deliver value for our Guests, shareholders and the communities that we serve.”

In some respects, Sun Country is similar to Spirit, though Sun Country is smaller. Both are ultra-low-cost carriers. Like Spirit, the Minneapolis-based airline serves a wide array of U.S. destinations including Florida, as well as locations in the Caribbean and Mexico.

Spirit has been the predominant carrier in passengers served at Fort Lauderdale-Hollywood International Airport. Sun Country has maintained a lower profile at the Broward County airport and elsewhere around the state.