April 17 (UPI) — Spirit Airlines has named a new CEO as the low-fare carrier emerges from Chapter 11 bankruptcy protection, it announced Thursday.

David Davis, 58, most recently worked as the chief financial officer and a board member of Sun Country Airlines.

“We’re excited to welcome Dave as Spirit’s new president and CEO,” Spirit Airlines Chairman Robert Milton said in an announcement.

“He brings with him a wealth of experience and a solid track record of accomplishments from his many years in the airline industry,” Milton said. “Dave’s background at both Northwest Airlines and, more recently, at Sun Country Airlines, positions him well to lead Spirit’s continued transformation.”

Davis will earn an annual salary of $950,000 and receive a $4 million signing bonus, according to a regulatory finding.

Spirit is emerging from bankruptcy protection after a series of layoffs, aircraft sales and route restructuring that resulted in a downsized airline.

Spirit officials said Davis’ guidance will revamp its flight rewards program and make other passenger-focused changes to attract customers in an industry that is seeing a drop in travelers.