Continental Airlines announced recently that Jeff Smisek, Continental’s president and chief operating officer and a member of the board of directors, will become chairman and chief executive officer, effective 1 January 2010. Smisek will succeed Larry Kellner who has decided to return to private equity at yearend after 14 years with Continental, the last five of them as chairman and CEO.

“While I will deeply miss my coworkers at Continental, it is the right time for this transition. Continental has gained approval from DOT of our Star Alliance application, which will allow us to continue as an effective global competitor,” Kellner said.