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Fri, Jun 03, 2011

CFO Peter Hunt Leaving Pinnacle Airlines

Takes Nearly Identical Job With Virgin America

Pinnacle Airlines Corp. said Thursday that Vice President and CFO Peter D. Hunt is leaving the company to become Senior Vice President and Chief Financial Officer of Virgin America Airlines in San Francisco. His last day at Pinnacle will be June 15.

"This was a difficult decision," Hunt said. "I love working at Pinnacle and am very proud of the success we achieved and how we met the challenges that are inherent in the airline industry. I have confidence in Pinnacle, its people and its future growth prospects, and am proud to have been part of shaping that legacy."

Pinnacle Board of Directors Chairman and Interim CEO Donald J. Breeding said the Board will begin an immediate search for Hunt's replacement in consultation with Sean Menke, who will become Pinnacle's Chief Executive Officer on July 1. "The CFO plays a vital role on any CEO's team, particularly during a time of change and transition," said Breeding.  "We view this as an opportunity to bring in another strong CFO who will help us take full advantage of our strong financial position."

"Peter is a key reason Pinnacle has bright prospects for long-term growth. He is an exceptionally talented executive and while we will certainly miss him, we wish him continued success."

"Peter brings strong financial expertise to the Company, specifically in leading a growing airline as it prepares to enter the public markets.  His experience and talent will be invaluable in shaping and leading our Company in the years ahead," said David Cush, President and Chief Executive Officer of Virgin America.  "We're pleased to welcome Peter to the team, and know he will play a critical role at this stage of our growth and development."  Hunt will oversee the growing airline's financial operations, including treasury, tax, financial planning and analysis, accounting, external financial reporting, budgets, procurement and fleet planning.

Hunt joined Pinnacle in December 2004. During his tenure, he helped guide the acquisition of two regional airlines that presently serve three of the world's largest major air carriers. In 2010, Pinnacle earned revenues of more than $1 billion with a fleet of nearly 300 aircraft as one of the largest and most versatile regional airlines in the world.

FMI: www.pncl.com, www.virginamerica.com
 

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