Laura Wright's promotion puts her in the hot seat. Wright, the new CFO of $5.9 billion Southwest Airlines Co., faces the challenge of maintaining Southwest's low cost structure as one of the airline's big expenses, fuel oil, skyrockets in price.
Wright, 44, had been Southwest's treasurer and vice president of finance before being named CFO. She succeeds Gary Kelly, who was promoted to vice chairman and CEO of the airline after serving as its CFO since 1989.
Even as the older and larger airlines have struggled and, in some cases, been forced into bankruptcy, Southwest Airlines has managed to stay in the black, posting a profit for 31 consecutive years, including the difficult period following the 9/11 terrorist attacks.
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But as Wright takes over the financial reins, there are signs that Southwest is starting to feel the pressure that has battered so many of its competitors. Its second-quarter earnings missed the Street's estimates, although it still posted a profit. Southwest blamed the disappointing numbers on the rising costs of fuel–up 21.5%–and labor.
Wright joined Southwest in 1988 as director of corporate taxation from the accounting firm Arthur Young & Co., where she had been a tax manager. In her career at Southwest, she has also served as director of corporate finance and assistant treasurer. She was named treasurer in 1998.
Southwest promoted Tammy Romo to treasurer and vice president, succeeding Wright. Romo, 42, had been Southwest's director of investor relations.
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