Word: ackerly
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...sold its headquarters building in New York City and made $294 million. Last year it sold its profitable chain of Intercontinental Hotels for $500 million. To sharpen a sagging management, Pan Am's board of directors encouraged William Seawell to retire last year and named C. Edward Acker, then the boss of Air Florida, as new chairman...
...have been charging for even their economy-class tickets. But suddenly, Sir Freddie finds that he is facing stiff competition from one of the very airlines that his cutthroat pricing policies had siphoned business from in the first place: Pan American World Airways. Under its new chairman, C. Edward Acker, the loss-plagued air carrier has decided to go all-out to fill its planes and boost revenues. Thus Pan Am announced earlier this month that it will offer regular coach seats across the North Atlantic for a mere $261. Other major carriers are following suit...
...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...