Continental Airlines reported late Tuesday its Chief Financial Officer and Executive Vice President Jeff Misner will retire this year and Zane Rowe, senior vice president for network strategy will replace him

Misner will retire effective August 31 following his 55 birthday the company said, after having been in the position of CFO since 2001. Rowe, 37 joined the company in 1993 and has served in his current position since September 2006.

Shares of Continental Airlines rose 0.86 percent to $17.62 on the New York Stock Exchange on Tuesday.