Word: hoeksema
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Dates: during 1997-1997
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...Hoeksema, 50, Midwest's chairman and CEO, is a walking advertisement for the benefits of deregulation. He started as a pilot with Kimberly-Clark Corp. in 1969, back when the government assigned routes and set profit margins, assuring existing carriers a captive market and barring new entrants. It was partly because Kimberly-Clark's headquarters, then in Neenah, Wis., was off the beaten path that the company started its private fleet. "Air travel was difficult and expensive. We were frustrated," Hoeksema says. The paper company named its unit Midwest Express Airlines and began offering service to the public--specifically...
...Hoeksema saw the company's net income triple from 1994 to 1995, the year before Kimberly-Clark sold the airline. Net income grew by more than 12% in 1996, to around $20 million. Midwest now flies to 23 cities in the U.S. and Canada from hubs in Milwaukee and Omaha, Neb. Compound annual growth has averaged about 20% over the past five years--significantly better than that of most other airlines. Now Hoeksema plans a third hub--location to be announced--assuming the good times continue to roll...
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