Chairman and CEO Larry Kellner will leave Continental Airlines Inc. at year-end to return to the private-equity business and will be replaced by company president Jeff Smisek.

Continental, the nation's fourth-largest airline, announced the change late Thursday. Kellner, 50, has spent 14 years at Continental, including the last five as CEO.

In one of his last achievements, the company this month won antitrust immunity from federal officials for its plan to work closely with United Airlines and other partners in setting prices and schedules for international service.

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