Continental Airlines Chief Quits; Lorenzo Takes Over

Joseph Corr, chairman and chief executive of Continental Airlines, has resigned after less than 10 months on the job and was succeeded as chief by Frank Lorenzo, the chairman of parent Texas Air Corp.

Lorenzo earlier served as Continental’s chairman in 1982 after he gained control of the Houston-based airline.

In late August, Lorenzo said he was considering a sale of all or part of Continental because its business was being hurt by the long-running strike against Eastern Airlines, the other big Texas Air subsidiary.

Corr, a former president of Trans World Airlines Inc., resigned to pursue other business matters, Continental said.

In addition, Mickey Foret, 44, was named president of Continental after serving as executive vice president-planning and finance.