Word: turnarounds
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While American's turnaround has surprised skeptics, the long-term survival of such old-line carriers is still an open question. No-frills carriers, once just 8% of the U.S. market, now grab about 25% and compete with American on 8 out of every 10 routes the airline flies. Last week vintage carrier U.S. Airways said it may have to consider its second bankruptcy filing in two years, while United Airlines is still waiting to hear if the government will guarantee a $1.6 billion loan. Delta and its pilots' union are headed for a dustup that could roil the company...
...obvious yardstick of success or failure is stock price. The companies whose stock is bouncing back the fastest are usually those whose new leaders have acted most quickly to tackle their core problems. In Britain, Cable & Wireless stock is up 50% since Italian turnaround expert Francesco Caio took over a year ago. He swiftly shed unprofitable operations his predecessor had bought in the U.S., including a big Internet hosting business, but had been reluctant to sell when they didn't pan out. At ailing insurer Royal & Sun Alliance, Andy Haste, 41, the CEO who took over last year, wasted little...
CLAIRE BABROWSKI Hamburger Helper Don't tell Babrowski, 46, that burger flipping is a dead end. She rose from dishwasher to become one of the execs responsible for McDonald's turnaround. She was running 7,500 restaurants in Asia and the Middle East when she was tapped for chief restaurant operations officer, covering everything from equipment to real estate worldwide. With the company's COO post empty since Charlie Bell took over as CEO, following Jim Cantalupo's untimely death, Babrowski's corporate climb may still have a rung...
DIED. JAMES CANTALUPO, 60, McDonald's chief who steered a dramatic turnaround at the world's largest restaurant chain; of an apparent heart attack; in Orlando, Fla. Cantalupo joined McDonald's in 1974 and helped oversee a large foreign expansion before taking early retirement in 2001. He was coaxed back in early 2003 and set about restoring sales and profit growth by demanding better service and, in response to health concerns, introducing entree salads while eliminating supersize fries and soft drinks...
...tank. Germany 's DaimlerChrysler won't rule out dumping its 37% stake in the Japanese firm, after killing speculation last week that it would stump up several billion dollars to rescue debt-ridden Mitsubishi. Investors sighed with relief: DaimlerChrysler stock shot up over 7% on the announcement. A global turnaround? Not yet. Speed limits vary. - By Adam Smith Hard To Swallow Swiss drugmaker Novartis accepted an invitation for merger talks from Franco-German Aventis. A deal won't be easy: the French government is against foreign ownership of Aventis, favoring the hostile €46 billion bid from its own Sanofi...