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Alaska Appoints Pedersen As New CFO, Johnson As Horizon President - Update

(RTTNews) - Alaska Air Group, Inc. (ALK) Monday said that it has elected its former vice president of finance and controller, Brandon Pedersen as its chief financial officer. Further, the company said Jeff Pinneo is retiring from his role of president and chief executive officer of its subsidiary Horizon Air Industries, Inc.,. Alaska said that its former chief financial officer and executive vice president of finance Glenn Johnson will succeed Pinneo as president of Horizon Air.

Brandon Pedersen, joined Alaska in 2003 as staff vice president from the Seattle office of KPMG, one of the nation's largest public accounting firms. In 2006, he was elected the company's vice president of finance and controller, with responsibility for accounting, payroll, tax, financial reporting and investor relations.

In his new role as Alaska's chief financial officer, he adds oversight of information technology, treasury, procurement and project management, the company said. Jeffrey Pinneo has been president and CEO of Horizon since January 2002. Pinneo served as Vice President of Passenger Service of Horizon Air Industries since 1990. He also served as Chairman of the Board of Regional Airline Association.

Pinneo served eight years at the regional carrier's helm and more than 28 years at Horizon and sister carrier, Alaska Airlines. The company said that Pinneo will remain at Horizon Air for several months to aid in the transition.

Elected Horizon's leader only a few months after September 11, Pinneo oversaw substantial improvements in the carrier's operational performance and customer satisfaction in the following years, the company noted.

Glenn Johnson, who will succeed Pinneo as president of Horizon, joined Alaska in 1982. To his new role as Horizon's president, Johnson brings more than 28 years of experience at Alaska, including oversight of customer services, finance, strategy, project management, maintenance and engineering, information technology, and corporate real estate.

The company noted that Johnson has reveled his intent to launch a comprehensive review of Horizon's market position, and fleet and financial performance.

ALK is currently trading at $51.55 per share, up $0.69 or 1.36% on the NYSE.