Alaska Air Group names CFO to replace retiring Horizon CEO; appoints new finance chief

Alaska Air names new top management at Horizon Air

SEATTLE — Alaska Air Group Inc. said Monday that its chief financial officer will shift to take the top spot at its Horizon Air commuter division, replacing retiring President and CEO Jeff Pinneo.

Current Alaska Air Group CFO Glenn Johnson, 51, has worked for the company for more than 28 years in areas including oversight of customer services, finance, strategy, project management, maintenance and engineering, information technology and and corporate real estate.

Pinneo, 54, also has worked for the carrier for 28 years and has led Horizon Air since 2001. He will remain at Horizon Air for several months to aid in the transition.

In a filing with the Securities and Exchange Commission, the company said Johnson will continue to receive an annual base salary of $300,000. Under terms of Pinneo’s retirement and non-compete release agreement, he will continue to receive an annual base salary of $240,000 through Jan. 31 and he will be eligible to receive a 2010 bonus. In addition, Pinneo will receive a lump sum payment of $240,000 upon his retirement and an additional $200,000 to be paid in quarterly installments over the first year thereafter.

Brandon Pedersen, 43, is taking over for Johnson as Alaska Air CFO. He joined the company in 2003 and has previously served as vice president of finance and controller.

Alaska Air shares rose 41 cents to close at $51.27, hitting a new 52-week high of $52.60 earlier in the session.