Word: maytag
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Dates: during 1960-1969
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...Maytag picked just the right time to take over. In 1961 the Civil Aeronautics Board awarded National the lucrative Southern transcontinental "rocket run" linking the aerospace centers of Cape Canaveral, Houston and the West Coast. Sensing a good opportunity, Maytag, who was then running the Rocky Mountains' local Frontier Airlines, bought Baker's 250,000 shares for $6,400,000 with family help...
...Self-Made. At 36, Bud Maytag is younger by 15 years than any other major U.S. airline president. Grandson of the Maytag who started the washing machine empire, he is the first to admit: "I am not a self-made...
After attending Colorado College, he set up his own flying school in Colorado Springs, later bought control of Frontier. Maytag put money-losing Frontier into the black during his four years there, but ran into CAB opposition to his plan to discontinue service to half of the points served by Frontier. He concedes that his initial naivete about the airlines business cost him endless head aches. He sold Frontier to go National...
...Maytag brought along his four-man executive team from Frontier to help run National, set out to shine up the line's somewhat tarnished reputation. National executives, who had grown gun-shy under terrible-tempered Ted Baker, found themselves with freely delegated authority. Maytag modernized National's fleet (now nine DC-8s, 17 Electras), eased the debt burden by arranging new financing, and prettied up the stewardesses with fuselage-hugging black sheaths by Oleg Cassini...
...Maytag is easily the most outspoken chief executive in the airlines industry. He is against airline mergers because he feels that they weaken competition, ardently protests the Government's tight regulation. "About the only thing left under the airlines' control," he says, "is schedules." He is equally critical of his fellow airline presidents for not opposing Government intrusion and union demands more vigorously. "The heads of many airlines are living in the past," he says. "The airline industry is now a sophisticated business, but too many of the guys running airlines are the same ones who started...