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Sun Country Airlines Chairman Tom Petters announced today the
resignation of Shaun Nugent, effective immediately. Nugent tendered
his resignation with the Board of Directors, stating that personal
reasons prompted his decision.
The Board named T. Jay Salmen, President of Petters Aviation to
serve as interim CEO. Salmen will continue to serve as Vice Chairman
of the Board of Directors. Salmen was with Sun Country Airlines from
2002 - 2006 serving as President and CEO. He left the company in May
of 2006 to join Petters Aviation. "Sun Country is indebted to Shaun
for his guidance during his tenure" said Salmen.
Tom Petters, Chairman of the Board of Sun Country said, "We are
confident that Jay Salmen's appointment will make this transition
seamless." Petters further stated, "We thank Shaun Nugent for his
valuable contributions to Sun Country Airlines and we wish him the
best."
Sun Country is owned by Petters Group Worldwide and Whitebox
Advisors.
About Sun Country Airlines
Sun Country Airlines is a low cost, low fare carrier based in St.
Paul, MN. Sun Country is following a conservative growth plan and
flies to popular destinations such as Phoenix, Dallas, Los Angeles,
Orlando, Ft. Myers, Denver, Las Vegas and Washington, D.C. The airline
was named to the top 10 lists of domestic airlines in Travel+Leisure
and Conde Nast Traveler. Sun Country Airlines was acquired by Petters
Group Worldwide and Whitebox Advisors in 2006. For a complete list of
destinations and more information, please visit Sun Country's website
at suncountry.com.
About Petters Group Worldwide
Petters Group Worldwide is a privately held company with
investments in a dynamic collection of over 60 companies around the
world. As an active manager, Petters Group supports these
organizations by achieving investment synergies with services,
financing and leveraging resources to support growth. The core areas
of focus for Petters Group are merchandising/sourcing/brand
management, emerging technologies, media and marketing, hospitality
and entertainment, aviation, real estate and investment capital. For
more information visit pettersgroup.com.
About Whitebox Advisors
Whitebox Advisors is a Minneapolis-based family of hedge funds
with approximately $1.8 billion under management. The firm was founded
in 1999 by CEO Andrew Redleaf, a twin cities native and a graduate of
St. Paul Academy and Yale University. Though each Whitebox fund
pursues a unique strategy, all Whitebox funds invest primarily in
publicly traded securities and blend quantitative and qualitative
disciplines seeking to identify unusually strong opportunities with
favorable risk/reward parameters. Our goal is to be unambiguously
better than the crowd and focus on absolute returns for investors.
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