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The story
The airline was founded by Puerto Rican businessman Joaquín Bolivar as Executive Air Charter in 1979, and on September 15, 1986 joined the American Eagle system as an independent airline operating code sharing flights on behalf of American Airlines.
The airline was purchased by the AMR Corporation, which at the time was the holding company of American Airlines and American Eagle Airlines.
In late 2007, it was announced AMR planned to spin off American Eagle Airlines and Executive Airlines. In 2008, AMR put the spin-off plans on hold until the airline industry stabilized after the 2008 financial crisis. In February 2008, Executive Airlines fleet of 12 ATR 72 turboprop aircraft were used to generate cash for the struggling AMR in a leaseback transaction.
On November 29, 2011, AMR Corporation filed for a Chapter 11 reorganization bankruptcy. Executive was forced to return its aircraft to the leasing company starting in 2012. As part of the changes during the AMR bankruptcy and merger with US Airways to form the American Airlines Group, the decision was made to close Executive Airlines on March 31, 2013. The airline's president and CEO, Pedro Fabregas would remain with the company and would become the president and CEO of American Eagle Airlines, which would be renamed Envoy Air.
From Wikipedia’s article on Executive Airlines, shared under CC BY-SA 4.0.3