Robert L. Fornaro has been navigating the aviation industry for decades. He became the CEO of Spirit Airlines in January 2016, after serving as President of a travel advisory firm and holding top positions at AirTran Airways. Fornaro graduated with...

Robert L. Fornaro has been navigating the aviation industry for decades. He became the CEO of Spirit Airlines in January 2016, after serving as President of a travel advisory firm and holding top positions at AirTran Airways. Fornaro graduated with a Bachelor’s degree from the University of Florida and was elected to Spirit Airlines' Board of Directors in 2014. Under his leadership, the company made significant strides, including a total compensation of over $3 million in 2022, showcasing performance-based rewards that motivated the executive team. Interestingly, his prior experience at AirTran, where he started as CFO and ascended to CEO before its acquisition by Southwest Airlines, provides him with a unique perspective on managing an airline. In addition to his role at Spirit, he has been involved in strategic decisions that impacted customer satisfaction and operational efficiency, which are critical in the competitive airline market.

Quick Links

1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other Spirit Airlines CEOs

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Robert L. Fornaro

Ex-CEO of Spirit Airlines

Education

Bachelor's degree from the University of Florida

Field of Expertise

Transportation & Logistics - Aviation

Sector of Economy

Industrials

Born

May 1, 1959 - 66 years ago

CEO of Spirit Airlines for

6 years 0 months (Jan 2016 - Jan 2022)

Previous Experience

Chairman, CEO and President of AirTran Holdings, Inc.

Rivals

Competitors/colleagues of Robert L. Fornaro

Holdings

See how much did Robert L. Fornaro make over time.

Robert L. Fornaro has displayed a keen interest in Spirit Airlines through his stock holdings. He peaked around 2019 when his insider trading values reported significant amounts, reaching around $4.48 million just before the pandemic hit. Over the years, his...

Robert L. Fornaro has displayed a keen interest in Spirit Airlines through his stock holdings. He peaked around 2019 when his insider trading values reported significant amounts, reaching around $4.48 million just before the pandemic hit. Over the years, his wealth tied to Spirit saw fluctuations. In 2022, he consistently sold off shares amounting to around $2 million, indicating a strategic approach amid changing market conditions. His holdings have gone from a high of $4.68 million down to below $1 million by mid-2024, showing the volatility in the airline sector, especially after the pandemic. This indicates not just a managerial role but personal investment in the success of Spirit Airlines.

Insider Trading

See recent insider trades of Robert L. Fornaro.

SAVE

60,851 shares

SAVE

Feb 12, 2019

Received

SAVE

1,717 shares

SAVE

Jan 11, 2019

Received

SAVE

70,188 shares

SAVE

Jan 4, 2016

Received

SAVE

1,196 shares

SAVE

Feb 18, 2015

Received

SAVE

1,077 shares

SAVE

May 12, 2014

Received

Compensation History

See how much did Robert L. Fornaro make over time.

In 2022, Robert L. Fornaro's total compensation was about $3.2 million, with a base salary of $700,000. Notably, he received a significant bonus of over $1.1 million, tied to performance metrics that reflect the airline's operational success. His compensation structure includes time-vested stock units, with a value of approximately $524,000 allocated in 2022, vesting over three years. This aligns his interests with company performance, aiming to keep him focused on the long-term success of Spirit Airlines. Throughout previous years, his compensation varied, reflecting the fluid nature of the airline industry's challenges and opportunities, demonstrating that leadership in aviation comes with both financial rewards and risks.

Year

2022

Total Compensation

$2.37M

Salary

$700.00K

Board Justification

The compensation philosophy is designed to attract and retain talented executives while aligning their interests with the company's performance and shareholder value.

Bonus

$1.11M

Board Justification

The bonus was based on the performance metrics established for the semi-annual performance periods under the 2022 STI Plan, resulting in a payout of 126.7% of the target bonus opportunity.

Other

$37.19K

Board Justification

Other compensation includes 401(k) contributions, life insurance premiums, travel benefits, and health care benefits.

Restricted Stock

$524.27K(26.91K RSU)

Board Justification

The time-vested restricted stock units granted in January 2022 vest in equal annual installments over three years, with the first installment vesting in January 2023.

Performance Metrics

The performance metrics for the CEO's compensation included relative adjusted EBITDA margin ranking, A14 performance achievement, and strategic goals.

Other Spirit Airlines CEOs

Here are other CEOs of Spirit Airlines

B. Ben Baldanza

Ex-CEO of Spirit Airlines

January 2005 - January 2016

Ted Christie

CEO of Spirit Airlines

January 2022 - Present