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Larry Kellner, chairman of Continental Airlines, announced his resignation after 14 years with the company and after 5 years as chairman and CEO. Kellner revealed that he was leaving Continental to lead a private investment company.  A party celebrating 10 years of the company’s operations in Israel was held at the residence of the US ambassador at which 450 guests were present.

Chairman and CEO of Continental Airlines, who cancelled his visit to Israel at the last moment, announced that he was resigning from the company.  Kellner said that the reason for his departure was to lead a new Houston-based private investment firm.  Replacing Kellner will be Jeff Smisek, who until now was Continental’s president and chief operating officer and a member of the board of directors. Smisek has been with the airline since 1995.

“While I will deeply miss my co-workers at Continental, it is the right time for this transition. Continental has gained approval from DOT of our Star Alliance application, which will allow us to continue as an effective global competitor," Kellner added.

Last Thursday a party was held at the residence of the US Ambassador, marking 10 years since Continental starting operating in Israel. Kellner, who was to have been the guest of honor; sent a recorded message to the 450 guests, wishing a continuation of the productive cooperation between Continental and Israel.

Representatives of the company who were present at the celebration refused to divulge details regarding Kellner’s absence in Israel, saying that they did not have any information to pass onto the media.

The board of directors at Continental announced Kellner’s departure and thanked him for his years of service.  "The Board thanks Larry for his tremendous leadership of Continental during some of the most challenging times this industry has faced," said Henry Meyer, lead director for Continental.