Word: damon
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...rate T.W.A. is going now, it can soon afford to expand anywhere. Last week President Damon estimated a record 1952 revenue of $160 million, up 10%, and a net of $8,000,000, about the same as 1951. Damon, who inherited an accumulated three-year deficit of $18.6 million when he took over at T.W.A. in 1949 has since piled up $28 million in profits. One reason was that by putting the emphasis on low-fare air-coach service he made T.W.A. the biggest air-coach carrier in the world, flew 715 million coach miles last year. T.W.A. is adding...
Handy Andy. Few airmen ever tackled a tougher job than Damon at T.W.A. But few men knew more of the aviation business from all sides. Damon has flown planes, sold them, built them, operated them. New Hampshire-born, Damon went to Harvard ('18, cum laude) to be an astronomer. But when he learned to fly as an Army pilot, the aviation bug got him. He joined Curtiss Aeroplane, became boss of a St. Louis branch in ten years, rose to president in 1935. In the late 1930s he learned about commercial air transport by joining American Airlines as vice...
...Damon, who had been the star spokesman for 17 U.S. airlines against the "single flag" policy championed by Pan American Airways, was dismayed to learn that American's Chairman C. R. Smith had decided to join the enemy by selling Pan Am his transatlantic subsidiary, American Overseas. Said Damon: "There comes a time when a man has to stand up and be counted." He counted himself out of American. The same day, he got seven offers of jobs, took T.W.A...
...million of his own money into the airline, and Equitable Life had risked $40 million trying to bail it out. Under empire-minded Jack Frye, T.W.A. had expanded too fast, and piled up debts; retrenchment had trimmed its employees from 17,000 to 12,000. Morale was zero. Damon helped restore it by assuring the survivors that he carried no ax. Said he: "I'll judge everything by three standards: 1) how good a job is done, 2) how much it costs, and 3) how it helps the overall harmony." Knowing the tendency of departments to expand, he added...
Take-Off. Soon after Damon came in, T.W.A. turned profitable. Modestly, he likes to say: "I've always had the good fortune to join a winning team just as it is starting to win." He explains that one decision had been put in motion by his predecessors, to consolidate T.W.A.'s two maintenance bases into one at Kansas City: "It was just waiting for me to say yes." This saved $2,000,000 a year...