Word: borman
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...other airlines. At Miami-based Eastern, net income for the first half increased ten times, and the second-quarter results of $19.5 million were the best in the company's history. But part of the increase was due to a temporary wage freeze urged by former Astronaut Frank Borman, who became the airline's chief executive in December. Though unions may not go along, Borman has asked employees to consider a profit-increasing plan whereby they would receive perhaps 95% of normal wages in bad years and as much as 106% in good times...
Eastern's Borman believes that an equally serious problem is soaring operating costs, and he has proposed that they be attacked directly by a joint airline-industry effort to design a super-economical jetliner (with some variations) for the 1980s that could cut costs by as much as 50%. Such an aircraft, Borman contends, would eliminate "massive waste" caused by competing manufacturers' building essentially similar planes for identical markets...
...major lines, which complain that Government has dragged its feet on granting fare hikes, have recently won a 3% across-the-board increase, and last week all but Delta were back in Washington seeking a further 2% rise. More rate-boost requests are almost certain. Eastern Chief Frank Borman figures that fares will have to go up at least another 6% this year "to get us back toward a reasonable 12% return on investment." The lines also expect to fatten revenues by paring back on their bewildering plethora of discount fares this year; in 1975 35% of all scheduled airline...
...some analysts as the most financially shaky of all U.S. air carriers. Last week it reported a third-quarter loss of $21.4 million ($17.8 million in September alone), v. a profit of $7.6 million in the comparable period of 1974. Simultaneously, it chose a new pilot: former Astronaut Frank Borman, one of the three who read from the Book of Genesis on Christmas Eve, 1968 as their capsule orbited the moon. Borman, 47, joined Eastern as a vice president in 1970; he became president last May and now takes the title of chief executive from Floyd D. Hall...
...switch is believed to reflect pressure from bankers who worried that the line would not survive under Hall. Wall Street analysts give Borman at least a fair chance of pulling the company through. One of Eastern's worst problems is low productivity caused largely by poor employee morale. Borman seems more effective than Hall at communicating with employees. He has persuaded them to accept a wage freeze for 1976, which he described last week as "the most important thing I've done since becoming president." Borman also talks to workers with realistic candor. Earlier this year, he warned...