Word: ackerly
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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...
Never before had Pan American World Airways tapped the head of another airline to be its boss. But this week C. Edward Acker, 52, chairman of Miami-based Air Florida, will take over as Pan Am chairman. He succeeds William T. Seawell, 63, who in July announced his early retirement...
...Acker faces probably the toughest task in U.S. commercial aviation. Buffeted by new competition brought about by airline deregulation, skyrocketing labor and fuel costs and overextended air routes, Pan Am lost $217.6 million in the first half of the year. Two weeks ago company directors approved the sale of Pan Am's chain of 97 Intercontinental Hotels to Grand Metropolitan Ltd., a British conglomerate, for $500 million in cash...
Tall (6 ft. 4 in.) and a basketball player during his college years in Texas, Acker started in the tire and battery business, served as a vice president of Lionel D. Edie & Co. investment advisers, and then switched to the airline industry in the 1960s. He became president of Braniff in 1970, and in 1977 was named chairman of Air Florida. By slashing fares and expanding service, he increased Air Florida revenues from $7.8 million in 1977 to $161.2 million last year. The formerly small intrastate line now flies to 43 cities, including London and Amsterdam...
...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...