Alvin Feldman

Last updated
Alvin Lindbergh Feldman
Alvin Feldman.jpg
Born(1927-12-14)December 14, 1927
New York City, New York, U.S.
DiedAugust 9, 1981(1981-08-09) (aged 53)
Los Angeles, California, U.S.
Alma mater Cornell University
OccupationAirline Executive
Spouse
Rosemily Petrison
​
​
(m. 1952⁠–⁠1980)​

Alvin "Al" Lindbergh Feldman (December 14, 1927 - August 9, 1981) was an airline executive and mechanical engineer. He was the president and chief executive of Frontier Airlines for nine years before taking over as president at Continental Airlines. He was a strong supporter of airline unions and airline deregulation. Under his leadership, Frontier Airlines grew into a well-managed and profitable company. [1]

Contents

Biography

Feldman was born in New York City in 1927. He was given his middle name, Lindbergh, after Charles Lindbergh’s famous Paris flight in the same year. He attended Cornell University and graduated with a Bachelor of Science in Mechanical Engineering.

In 1952, he married Rosemily Petrison. They later had three children, David, John, and Susan.

In 1980, Rosemily passed away from cancer. It was a huge blow to Feldman, and cast him into a depression that would eventually take his life.

Career

Feldman worked at Aerojet-General for 17 years as an aerospace contractor. During that time, he managed the development of the engines of the Gemini-Titan II launch vehicle. [2] He eventually became the president and Chief Operating Officer of Aerojet Nuclear Systems Company, a division of Aerojet-General. [3]

Frontier

In 1971, Feldman moved to Denver in order to lead Frontier Airlines, which had been struggling. As president, he transformed the airline into a highly profitable business through a combination of improving passenger amenities, restructuring, and employee motivation. [1]

Continental

In 1980, Feldman left Frontier to head Continental Airlines. Continental was struggling, and hoped Feldman would be able to transform the company as he had with Frontier. He replaced Robert Six as President and Chief Executive Officer. Six, then 73, had a very high opinion of Feldman and was confident that he would be able to reduce Continental's losses. [4]

Hardly a year after Feldman moved to Continental, Texas International made a move to acquire the airline. The president of Texas International, Frank Lorenzo, eventually bought out 48.5 percent of Continental’s stock. Worried that Lorenzo’s acquisition of the company would mean losing their jobs and that Lorenzo was anti-union, the employees of Continental came to Feldman to retain hold of the company. Feldman had received offers to become chief executive at Pan Am and Twentieth Century Fox, [5] but chose to stay at Continental.

Feldman attempted to give Continental’s employees control of the company via an employee stock ownership plan. The idea was to issue 15.4 million new shares of stock and dilute Lorenzo’s shares enough to block the takeover. Among vocal employee protests and demonstrations, Feldman told Lorenzo that the determination of the employees would prevent the takeover from happening. [5] However, their plan fell through when the banks offering financial support withdrew their offer, and the Civil Aeronautics Board gave Texas International approval to acquire the company. [6]

Death

When it became clear that Continental would be taken over despite his efforts, Feldman grew despondent. On the night of August 9, 1981, Feldman committed suicide with a revolver in his office in Los Angeles. It is believed that the loss of Continental, following the loss of his wife the previous year, drove him into a severe depression. He is buried with his wife in El Camino Memorial Park, near San Diego. [7]

Related Research Articles

In business, a takeover is the purchase of one company by another. In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.

Continental Airlines, simply known as Continental, was a major American airline founded in 1934 and eventually headquartered in Houston, Texas. It had ownership interests and brand partnerships with several carriers.

<span class="mw-page-title-main">Braniff International Airways</span> Defunct airline of the United States (1928—1982)

Braniff Airways, Inc., operated as Braniff International Airways from 1948 until 1965, and then Braniff International from 1965 until air operations ceased, was an airline in the United States that flew air carrier operations from 1928 until 1982 and continues today as a retailer, hotelier, travel service and branding and licensing company, administering the former airline's employee pass program and other airline administrative duties. Braniff's routes were primarily in the midwestern and southwestern United States, Mexico, Central America, and South America. In the late 1970s it expanded to Asia and Europe. The airline ceased air carrier operations in May 1982 because of high fuel prices, credit card interest rates and extreme competition from the large trunk carriers and the new airline startups created by the Airline Deregulation Act of December 1978. Two later airlines used the Braniff name: the Hyatt Hotels-backed Braniff, Inc. in 1983–89, and Braniff International Airlines, Inc. in 1991–92.

<span class="mw-page-title-main">Frank Lorenzo</span> American businessman and corporate raider (born 1940)

Francisco Anthony "Frank" Lorenzo is an American businessman. He managed Continental Airlines and Texas International Airlines between 1972 and 1990, through airline deregulation. Lorenzo also led the creation and management of the holding company for the group, Texas Air Corporation, through which New York Air was formed in 1980 and Eastern Air Lines was acquired in 1986, as well as Frontier Airlines and People Express Airlines.

Texas Air Corporation, also known as Texas Air, was an American airline holding company, incorporated in June 1980 by airline investor Frank Lorenzo to hold and invest in airlines. The company had its headquarters in the America Tower in the American General Center in Neartown Houston, Texas.

Gordon M. Bethune is a retired US airline executive. He was the CEO of Continental Airlines from 1994 until his retirement at the end of 2004. He formerly served on the boards of Honeywell and Prudential Financial. Bethune was known for ensuring that he received some time as a pilot when taking delivery of a new Continental Airlines Boeing 767 from Boeing and repositioning it from Seattle to Houston.

<span class="mw-page-title-main">Aerojet Rocketdyne Holdings</span> American technology-based manufacturer

Aerojet Rocketdyne Holdings, Inc. is a holding company of Aerojet Rocketdyne, an American manufacturer of rocket, hypersonic, and electric propulsive systems for space, defense, civil and commercial applications. Aerojet traces its origins to the General Tire and Rubber Company established in 1915, while Rocketdyne was created as a division of North American Aviation in 1955.

<span class="mw-page-title-main">New York Air</span> Defunct airline of the United States (1980—1987)

New York Air was a low-cost American airline owned by Texas Air Corporation and based at Hangar 5 at LaGuardia Airport in Flushing, Queens, New York. It ceased operations on February 1, 1987, in a merger with Continental Airlines.

Gerard J. Arpey is the former chairman, president, and chief executive officer (CEO) of AMR Corporation, parent company to American Airlines.

UAL Corporation is the former name of United Airlines Holdings, an airline holding company, incorporated in Delaware with headquarters in Chicago, Illinois. UAL held a 100 percent controlling interest in United Airlines, Inc., one of the world's largest air carriers, and is a founding member of the Star Alliance. It was announced on May 3, 2010 that UAL Corporation and Continental Airlines, Inc. would pursue a merger pending government approval. UAL Corporation would acquire Continental Airlines, Inc. and change its name to United Continental Holdings (UCH). On October 1, 2010, UCH, formerly UAL Corporation, announced completion of the merger. On Thursday June 27, 2019 United changed the name of its parent company from United Continental Holdings to United Airlines Holdings.

<span class="mw-page-title-main">Jeff Smisek</span> American businessman and investor (born 1954)

Jeffery Alan "Jeff" Smisek is an American businessman and investor who currently serves as the president of GOOSE Capital and on the board of directors of Finch Therapeutics. Smisek previously worked in the airline industry as the chairman, president, and chief executive officer (CEO) of Continental Airlines and, later, of United Airlines.

<span class="mw-page-title-main">Robert Six</span> American businessman (1907–1986)

Robert Forman Six was the CEO of Continental Airlines from 1936 to 1980. His career began in the earliest days of U.S. commercial aviation; his determined, scrappy, risk-taking nature paid off for Continental Airlines, the company that would for 45 years be forged in his image. Owing in large part to the foundation he laid, Continental became one of the largest and most profitable legacy airlines in the world.

Frontier Airlines was an American airline formed by a merger of Arizona Airways, Challenger Airlines, and Monarch Airlines on June 1, 1950. Headquartered at the now-closed Stapleton Airport in Denver, Colorado, the airline ceased operations on August 24, 1986. A new airline was founded eight years later in 1994 using the same name.

<span class="mw-page-title-main">Larry Kellner</span> American businessman

Lawrence W. "Larry" Kellner is the former CEO of Continental Airlines, having succeeded Gordon Bethune as CEO in December 2004. Prior to his arrival at Continental, he served as the chief financial officer of American Savings Bank. Kellner retired as the airline's chief executive at the end of December 2009. During his career at Continental, he previously served as a vice president, chief financial officer and chief operating officer. Kellner currently serves as President of Emerald Creek Group, LLC - a Texas-based private equity firm primarily focused on real estate and also as Chairman of the board of directors of The Boeing Company as well as serving on the board of directors at ExxonMobil.

Thomas Britton "Britt" Harris IV is the current chief investment officer of the University of Texas/Texas A&M Investment Management Company. The investment management company oversees the assets of The University of Texas and Texas A&M University. In 2013 Harris was announced as the recipient of the aiCIO's Lifetime Achievement Award. He founded and has led Titans of Investing since 2006.

<span class="mw-page-title-main">Ed Acker</span> American businessman (born 1929)

Charles Edward Acker is an American businessman who served as CEO of Braniff Airways, Air Florida, and Pan American World Airways. He is currently a principal at Intrepid Equity Group.

<span class="mw-page-title-main">Harding Lawrence</span> American businessman

Harding Luther Lawrence was executive vice president of Continental Airlines and then president and chairman of Braniff International Airways, a Dallas, Texas-based carrier. Lawrence's bold and dramatic accomplishments at both airlines earned him the reputation as not only a maverick of the transportation industry but as one of the last legendary titans of aviation. While at Braniff, Lawrence turned the conservative airline into a progressive and flamboyant carrier known for high fashion flight attendant uniforms, exemplary inflight service, and brightly painted planes. Lawrence' revolutionary approach included approving the "End of the Plain Plane" campaign in 1965, which called for imaginative aircraft paint schemes, interiors, and never before seen passenger service comforts. Previous airlines were commonly patterned after less than appealing military operations.

<span class="mw-page-title-main">Thomas G. Plaskett</span> American business executive (1943–2021)

Thomas George Plaskett was an American business executive. He served as CEO of Continental Airlines, Pan American World Airways, and Greyhound Lines. He was instrumental in establishing AAdvantage.

This is the history of Braniff International Airways.

Richard Jesse Ferris was an American business executive who served as the CEO of UAL Corporation, the former holding company of United Airlines, and was later the co-owner of the Pebble Beach Golf Links in Monterey County, California. During his time as the CEO of UAL Corporation, he helped restructure the company into a travel industry conglomerate called the Allegis Corporation, which combined the assets of United Airlines, The Hertz Corporation, Westin Hotels, Hilton International, and the Apollo Reservation System.

References

  1. 1 2 Shifren, Carole (August 11, 1981). "A Troubled Airline, An Apparent Suicide". The Washington Post. Retrieved 19 November 2017.
  2. ↑ Stumpf, David (2000). Titan II: History of a Cold War Missile Program. Fayetteville: The University of Arkansas Press. ISBN   1-55728-601-9
  3. ↑ Frontier Airlines (April 1971). "A. L. Feldman Named New Chief Officer". Frontier News. Vol. 4, no. 2. Frontier Airlines. Retrieved 20 November 2017.
  4. ↑ Hollie, Pamela (August 11, 1981). "Continental Without its Chief". The New York Times. Retrieved 20 November 2017.
  5. 1 2 Petzinger, Thomas (1995). Hard Landing: The Epic Contest for Power and Profits that Plunged the Airlines into Chaos. New York: Three Rivers Press. ISBN   0-8129-2835-0
  6. ↑ Dempsey, Paul Stephen; Goetz, Andrew R (1992). Airline Deregulation and Laissez-Faire Mythology. Quorum Books. ISBN   0-89930-693-4
  7. ↑ "Alvin Lindbergh "Al" Feldman". findagrave.com.
Preceded by CEO of Continental Airlines
1981 – 1982		Succeeded by
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.