Continental Airlines Inc. said Chairman and Chief Executive Gordon Bethune, 62, who restored profit at the fifth-largest U.S. carrier, would retire Dec. 31. President and Chief Operating Officer Larry Kellner will succeed him.
Continental also said David Bonderman would quit as a director.
Bonderman has faced union criticism for staying on the board after selling his Continental stake while retaining a stake in America West Holdings Corp., parent of rival America West Airlines.
Continental shares rose 45 cents to $17.45 on the New York Stock Exchange.