Word: ackerly
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Dates: during 1980-1989
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...hoped to reverse almost a decade of near continuous losses that have rolled up $1 billion in debts for the carrier, forced it to sell its headquarters building in New York City and its Intercontinental Hotels subsidiary and finally, in August, to name a new boss, C. Edward Acker, 52. The successful chief of Air Florida, Acker replaced William T. Seawell as Pan Am's chairman...
...Acker seemed to be getting the results he wanted with his bold inaugural scheme, as Pan Am's reservations lines were jammed with bargain-hunting travelers. Said he: "The phones are literally ringing off the wall." In the four days after the cuts were announced, reservations rose from 21,729 to 36,622, a 59% jump. "We had to do something dramatic," said Acker. "We wanted to make the world aware of us again...
...Acker used such tactics as chairman of Air Florida to build that airline in just four years from a tiny carrier serving only cities in Florida to a Might) Mite that flies to Washington, New York London and Amsterdam. He turned Air Florida into a paradigm of what the Airline Deregulation Act of 1978 was supposed to foster: increased competition, more flexible fares and easier entry for newcomers or smaller carriers into markets long dominated by the major airlines...
...industry executives were skeptical about Acker's ability to transfer his Air Florida tactics to Pan Am. Most doubted that Air Florida's chairman, Eli Timoner, who originally hired Acker to run the airline, would let his former colleague get away with it. Said Timoner: "No one beats Air Florida at its own game." True to that boast, the airline posted $69 New York-Florida fares, undercutting both Eastern...
...Acker succeed in what many experts regard as a mission-impossible job? Says he lightheartedly: "I was thinking about finding a more challenging job, and I asked about being the captain of the Titanic. But they said I was years too late. So I decided to take the job of Pan Am chairman." Wall Street seemingly gave its approval to the new chairman last week. Pan Am's stock rose and Air Florida's shares dipped in price upon news of the appointment...