Regional Update: ExpressJet’s Ream Defects to AA
Jim Ream, the CEO of Houston-based ExpressJet Airlines, has accepted a position with American Airlines as senior vice president of maintenance and engineering, effective January 1. ExpressJet board member Patrick Kelly has assumed Ream’s position in the interim while the board considers candidates to fill the position of CEO for the long term. Ream succeeds Carmine Romano, who has retired after serving 41 years with American Airlines.
The former president and COO of Continental Express, Ream took the helm of ExpressJet in 2002, when Continental spun off its once wholly owned regional subsidiary in an IPO that saw the airline’s share price rise as high as $17.20 during the first day of trading. By early last month, ExpressJet shares traded at less than $4. In July 2008 ExpressJet received a delisting warning from the New York Stock Exchange because it had failed to maintain an average closing price of $1 over 30 straight trading days.