David Barger will retire from his job as CEO of New York City-based JetBlue Airways in February, the company announced on Thursday. President Robin Hayes will take over the top job.
Shares jumped about 5 percent after the news broke.
Barger took on the role of CEO in 2007 and is a member of its founding team. "Helping to found and lead JetBlue has been the experience of a lifetime," Barger said.
Hayes, a former executive at British Airways, has served as the company's president since 2013.