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Larry Kellner
Larry Kellner
Larry Kellner
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Lawrence W. Kellner (born January 19, 1959) is a former CEO of Continental Airlines, having succeeded Gordon Bethune as CEO in December 2004. Prior to his arrival at Continental, he was the chief financial officer of American Savings Bank.[1] Kellner retired as the airline's CEO at the end of December 2009. During his career at Continental, he previously was a vice president, chief financial officer and chief operating officer. He was chairman of The Boeing Company from 2019 to 2024.[2] [1] Kellner is president of Emerald Creek Group, LLC - a Texas-based private equity firm primarily focused on real estate and is on the board of directors at ExxonMobil.

Key Information

Early life

[edit]

Kellner was born in Worthington, Minnesota, and grew up in Sumter, South Carolina.[3] He graduated from the University of South Carolina in 1981 with a degree in accounting.[4] He resides in Austin, Texas.

Kellner is the 2008 recipient of the Tony Jannus Award for distinguished achievement in commercial air transportation.[5] In July 2009, Continental announced Kellner's retirement as its CEO at the end of the year.[6]

Career

[edit]

Kellner is the prior vice chairman of the Greater Houston Partnership, and that organization's current chairman.[7] Kellner was elected to Boeing's board of directors in 2011 and served through until 2024, including as chair from 2019 to 2024.[8][9] He was a trustee of Rice University[10][11]

Kellner was a member of the National Executive Board of the Boy Scouts of America, the organization's governing body.[12]

Awards and honors

[edit]

Kellner was named Tony Jannus Award's Person of the Year for 2008.[13]

References

[edit]
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Larry Kellner

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Lawrence W. Kellner is an American business executive best known for serving as the chairman and of from December 2004 to December 2009, during which time the carrier grew to become the fourth-largest U.S. airline by surpassing in size. Born in 1959, Kellner holds a in from the , where he graduated magna cum laude and served as Student Body President; he later received the university's Distinguished Alumni Award in 1998. Kellner's career began in public accounting at Ernst & Whinney (now ), followed by executive roles in and banking, including as executive vice president and at The Koll Company and under The Robert M. Bass Group. He joined in 1995 as senior vice president and , advancing to executive vice president and CFO in 1996, president and board member in 2001, and in 2003. Under his leadership as CEO, Continental emphasized operational reliability—such as on-time performance and clean aircraft—while implementing cost efficiencies, profit-sharing programs (distributing $100 million to employees), and innovative financing like Enhanced Equipment Trust Certificates to support fleet expansion and revenue growth of 18.2% in the first half of 2006. The airline also protected employee pensions with contributions totaling $175 million by October 2006. Following his tenure at Continental, Kellner founded Emerald Creek Group in 2010, where he serves as president of the Austin, Texas-based focused on investments in various sectors. He has extensive experience in , having served on the boards of several major companies, including as an independent director at since 2023 (chairing its Public Policy Committee, covering environment, , and , as of 2025), lead independent director at from 2002 to 2022. Notably, Kellner joined The Boeing Company's board in October 2011, becoming its independent chair from December 2019 to May 2024, bringing his airline industry expertise to navigate challenges in operations and .

Early life and education

Early years

Lawrence W. Kellner was born in January 1959. He grew up in , attending there. Kellner's family background played a key role in his formative years, particularly through his father's career. His father served as a manager at a Campbell's Soup plant, where he oversaw several hundred employees. This environment exposed Kellner to practical examples of management from a young age. From his family experiences, Kellner derived early lessons in and , learning the importance of motivating rather than simply directing people. His father emphasized identifying top talent, understanding their personal goals, and investing in their training to foster success. These principles shaped Kellner's approach to building effective teams. Following his upbringing in , Kellner transitioned to higher education at the . He later resided in , Texas, during the early stages of his career, and eventually in .

Higher education

Kellner attended the . He pursued a degree in , earning magna cum laude honors upon graduation in 1981. During his university years, Kellner demonstrated strong leadership capabilities by serving as Student Body President, a role that honed his organizational and interpersonal skills.

Professional career

Early roles

Following his graduation from the University of South Carolina in 1981 with a Bachelor of Science in business administration, magna cum laude, Larry Kellner began his professional career at Ernst & Whinney (now Ernst & Young) as an accountant. At Ernst & Young, Kellner focused on real estate consulting and accounting services, gaining foundational experience in financial auditing and advisory work within capital-intensive sectors. He later advanced to executive positions, serving as executive vice president and chief financial officer at The Koll Company, a private real estate investment and construction firm. Prior to joining Continental Airlines in 1995, Kellner held the role of executive vice president and chief financial officer at American Savings Bank, which was owned by The Robert M. Bass Group. These early roles honed his financial acumen, particularly in managing and financial operations in and banking industries.

Continental Airlines

Larry Kellner joined in 1995 as senior vice president and , bringing expertise in to an emerging from its second filing. In this role, he spearheaded critical financial strategies amid economic turbulence, including restructuring approximately $600 million in outstanding debt, including with its largest creditor , which stabilized the company's and enabled investments exceeding $473 million to revamp its hub operations in key locations like and Newark. These efforts, built on his earlier auditing experience at , positioned Continental for profitability during the late 1990s industry challenges. In May 2001, Kellner was elected president and joined the ; by March 2003, he assumed the additional title of , overseeing daily operations, , , and strategic alliances. Under his operational , Continental expanded international routes and enhanced partnerships, such as with members, contributing to revenue diversification amid rising competition from low-cost carriers. Kellner ascended to chairman and in December 2004, succeeding , and led the airline until his retirement at the end of 2009. His tenure included navigating the post-9/11 recovery through cost controls and capacity adjustments that restored financial health, engaging in merger discussions with in 2006 and 2008 to explore consolidation opportunities, and driving a broader turnaround that grew Continental to the world's fifth-largest airline while overseeing 41,000 employees.

Emerald Creek Group

Following his tenure as Chairman and Chief Executive Officer of , which ended in December 2009, Larry Kellner founded Emerald Creek Group, LLC in Houston, Texas, in 2010 and assumed the role of president. The firm, now headquartered in , operates as a entity with a primary focus on investments across various sectors. Emerald Creek Group's investment strategies emphasize opportunistic opportunities in commercial , aiming to build a portfolio centered on sustainable value creation and long-term growth. This approach draws on Kellner's deep financial expertise from the airline industry to inform disciplined capital allocation and in real estate deals. The firm has leveraged partnerships to expand its reach, notably collaborating with Bravante Produce on real estate investments in since at least 2021. A key aspect of Kellner's leadership at Emerald Creek Group has been assembling a team with complementary industry knowledge, including Gerard J. Arpey, former Chairman and CEO of , who joined as a partner in late 2011. This partnership enhances the firm's capabilities in evaluating complex, capital-intensive opportunities, marking Kellner's smooth transition from corporate airline executive to leader without any separate advisory roles outside the firm.

Board and leadership roles

Boeing Company

Lawrence W. Kellner was elected to 's on October 4, 2011, bringing extensive experience from his prior role as chairman and CEO of . On December 23, 2019, he was appointed non-executive Chairman of the Board, succeeding David L. Calhoun in that position while Calhoun transitioned to CEO. Kellner's tenure as chairman lasted until March 2024, when he announced he would not stand for re-election at the company's annual shareholder meeting in May 2024. During his chairmanship, Kellner played a pivotal role in guiding through the aftermath of the 737 MAX grounding, which began in March 2019 following two fatal crashes. Under his leadership, the board oversaw the aircraft's recertification by the in November 2020, enabling its return to commercial service after extensive software updates, pilot training enhancements, and measures. Kellner also directed the establishment of a permanent Chief Safety Officer position and the creation of a dedicated Safety Committee on the board in 2020, aimed at strengthening long-term governance and risk management practices. These initiatives were part of broader strategic efforts to rebuild trust with regulators, customers, and stakeholders amid ongoing scrutiny of 's safety culture. Kellner's background in operations informed his influence on board policies, particularly in areas of protocols, financial , and international partnerships critical to recovery. For instance, his expertise contributed to decisions enhancing fuel-efficient development and environmental compliance, aligning with customer needs for sustainable operations. Despite facing criticism and proxy advisor recommendations against his re-election in 2020 due to perceived oversight lapses in the MAX crisis, Kellner was re-elected in 2021, reflecting continued board confidence in his strategic oversight. Kellner's decision not to seek re-election in 2024 occurred amid renewed safety concerns, including the January 2024 737 MAX 9 door plug incident, prompting a broader shakeup at . His tenure left a lasting impact through the institutionalized safety structures he championed, which Steve Mollenkopf, his successor as chairman, pledged to build upon to address persistent challenges in 's operations.

Other directorships

Kellner has served as a director on the board of Corporation since December 2022, contributing his expertise in regulated, capital-intensive industries to the energy sector's governance, including chairing the Environment, Safety and Public Policy Committee. From 2002 to 2022, Kellner was a director at , Inc., where he acted as Lead from August 2013 to May 2022 and chaired the Nominating and Governance Committee. In this role, he played a key part in guiding the company's transition to its first non-family CEO and enhancing overall in the . Kellner previously served on the board of , bringing financial and operational oversight to the insurance sector's strategic decisions and risk management practices during his tenure in the . His background at Emerald Creek Group complemented these efforts by informing investment and development strategies across boards. Additionally, Kellner held the position of Chairman of the Board at from 2013 to 2020, overseeing governance in the and finance sectors amid industry consolidation and .

Awards and honors

Industry awards

During his tenure as Chief Financial Officer and later as Chairman and CEO of Continental Airlines, Larry Kellner earned recognition for his financial acumen and leadership in the aviation sector. He became the first three-time recipient of CFO Magazine's Excellence Award, winning in 1998 for excellence in managing external stakeholders, in 1999 for , and in 2000 for information and . In 2008, Kellner received the Tony Jannus Award, presented by the Tony Jannus Distinguished Aviation Society, for his distinguished contributions to commercial air transportation, including guiding Continental through financial recovery and expansion. The following year, as Kellner prepared to step down from Continental, U.S. Representative entered remarks into the honoring his 14 years of service, praising the airline's transformation under his leadership into one of the world's most admired carriers.

Community recognitions

Kellner has been recognized for his longstanding commitment to , particularly in , youth development, and the arts in , . In 2012, the honored him and his wife, Susan, as patrons and leaders in the community for their dedication to cultural initiatives and during a gala event celebrating the orchestra's season opening. His contributions to have been acknowledged through the naming of the Susan & Larry Kellner Champion for Award by the Spring Branch Education Foundation in . Established to recognize outstanding advocates for public , the award highlights Kellner's efforts in supporting academic programs and workforce development in the region, with recipients including educators and community leaders since its inception around 2014. Kellner's involvement with the Boy Scouts of America has also garnered recognition for his leadership in youth programs. An himself, Kellner has served on the National Executive Board of the Boy Scouts of America and the board of the Area Council, contributing to the organization's strategic and marketing efforts. Additionally, his advisory roles with organizations such as the and underscore his support for health, education, and early childhood initiatives, as noted in a 2009 congressional tribute to his broader civic contributions.

References

  1. https://www.flightglobal.com/larry-kellner-continentals-numbers-guy/70254.article
  2. http://www.emeraldcreek.com/Larry.html
  3. https://corporate.exxonmobil.com/corporate-governance/board-of-directors/lawrence-kellner
  4. https://d1io3yog0oux5.cloudfront.net/_55ef03a4ca6327454ca16bd9d75cb53a/exxonmobil/db/2261/22405/file/2025%2BExxonMobil%2BProxy%2BStatement.pdf
  5. https://investors.boeing.com/investors/news/press-release-details/2024/Boeing-Announces-Board-and-Management-Changes/default.aspx
  6. https://www.nytimes.com/2009/09/27/business/27corner.html
  7. https://www.chron.com/neighborhood/article/Continental-Airlines-names-Memorial-resident-as-9770120.php
  8. https://www.marketscreener.com/insider/LARRY-KELLNER-A02OTB/
  9. https://marriott.gcs-web.com/news-releases/news-release-details/marriott-international-elects-larry-kellner-board-directors
  10. https://www.iaccgh.com/lawrence-w-kellner/
  11. https://www.breakingtravelnews.com/news/article/btn40002300/
  12. https://www.directorsandboards.com/roster_individual/larry-kellner/
  13. https://www.cfo.com/news/larry-kellner-continental-airlines/684674/
  14. https://www.cfo.com/news/lawrence-w-kellner-continental-airlines-inc/684497/
  15. https://www.chron.com/business/article/CEO-Larry-Kellner-departing-from-top-Continental-1726188.php
  16. https://www.informationweek.com/it-leadership/how-it-helped-an-airline-recover
  17. https://www.reuters.com/article/world/continental-s-ceo-shift-stirs-merger-talk-idUSTRE56G71N/
  18. https://www.govinfo.gov/content/pkg/CRECB-2009-pt24/html/CRECB-2009-pt24-Pg32641.htm
  19. https://www.crunchbase.com/person/larry-kellner
  20. http://www.emeraldcreek.com/
  21. https://www.perenews.com/institution-profiles/emerald-creek-group.html
  22. http://emeraldcreek.com/
  23. http://www.emeraldcreek.com/Partners.html
  24. https://www.prnewswire.com/news-releases/gerard-j-arpey-joins-emerald-creek-group-as-a-partner-134668308.html
  25. http://www.emeraldcreek.com/Team.html
  26. https://www.bloomberg.com/profile/person/1460419
  27. https://boeing.mediaroom.com/2011-10-04-Boeing-Board-Elects-Former-Continental-CEO-Kellner-as-New-Director
  28. https://boeing.mediaroom.com/2019-12-23-Boeing-Announces-Leadership-Changes
  29. https://boeing.mediaroom.com/2024-03-25-Boeing-Announces-Board-and-Management-Changes
  30. https://www.cnbc.com/2024/03/25/boeing-ceo-board-chair-commercial-head-out-737-max-crisis.html
  31. https://www.nytimes.com/2024/03/25/business/boeing-ceo-steps-down.html
  32. https://www.sec.gov/Archives/edgar/data/12927/000119312523059893/d424500ddef14a.htm
  33. https://www.reuters.com/article/markets/commodities/proxy-advisers-recommend-boeing-shareholders-vote-against-key-board-members-idUSL3N2CD02N/
  34. https://www.flightglobal.com/airframers/boeing-shareholders-grant-board-chair-kellner-another-term/143376.article
  35. https://corporate.exxonmobil.com/news/news-releases/2022/1202_exxonmobil-elects-larry-kellner-and-john-harris-to-board-of-directors
  36. https://www.prnewswire.com/news-releases/marriott-international-board-of-directors-announces-board-leadership-transition-and-new-director-301481310.html
  37. https://na.eventscloud.com/file_uploads/33a20b89956681606f4490f935492a2c_LarryKellnerBio.pdf
  38. https://investors.sabre.com/static-files/0c9512dd-fe25-4569-9513-d2e477e4c74c
  39. https://www.cfo.com/news/2000-excellence-awards-larry-kellner/684203/
  40. https://aviationweek.com/larry-kellner-0
  41. https://tonyjannus.com/recipient
  42. https://www.tampabay.com/archive/2008/03/28/continental-ceo-flying-high-as-jannus-winner/
  43. https://www.chron.com/life/society/article/Symphony-patrons-celebrate-Bolero-3854311.php
  44. https://www.chron.com/neighborhood/article/Community-celebrates-inaugral-Legacies-of-Spring-9611925.php
  45. https://www.congress.gov/111/crec/2009/12/17/155/192/CREC-2009-12-17-pt1-PgE3043-4.pdf
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