Continental CEO Kellner departing for private-equity firm, Jeff Smisek named as successor

Continental CEO Larry Kellner stepping down

HOUSTON — Continental Airlines says CEO Larry Kellner is stepping down to go into the private-equity business and will be replaced by company president Jeff Smisek.

Kellner has been chairman and CEO for the past five years.

Smisek, 54, will take over both titles on Jan. 1, the airline said late Thursday.

Houston-based Continental is the nation’s fourth-largest airline.