On August 3, 1990, Scandinavian Airlines System (SAS) and Texas Air announced that Jet Capital Corporation, which owned controlling interest in Texas Air, was selling its interest to SAS. Under the agreements, Lorenzo would be leaving the active management of the airline as CEO for the first time in 18 years and would remain on the board of directors for two further years. At the same time, Hollis Harris, formerly President of Delta Airlines, was named Chairman and Chief Executive Officer.