Thomas G. Plaskett
| Thomas G. Plaskett | |
|---|---|
| CEO of Pan American Corp. | |
|
In office 1988–1991 |
|
| Preceded by | C. Edward Acker |
| Succeeded by | Russell L. Ray Jr. |
| CEO of Continental Airlines | |
|
In office 1986–1987 |
|
| Preceded by | Frank Lorenzo |
| Succeeded by | Frank Lorenzo |
| Personal details | |
| Alma mater |
General Motors Institute Harvard Business School |
Thomas G. Plaskett is an American business executive who served as CEO of Continental Airlines, Pan American World Airways, and Greyhound Lines.
Plaskett began his career at American Airlines. He spent twelve years there, rising to the position of senior vice president, marketing. At American, Plaskett played a major role in creating the country's first frequent flyer club and advance-purchase discount fares.
In October 1986 he became the president and CEO of Continental Airlines. That autumn he was named one of the nation's 10 most-desired managers by Fortune. On February 1 1986, Continental Airlines doubled in size as the operations of People Express, Frontier Airlines, and New York Air merged into Continental's. The overnight combination of the airlines led to poor service that caused a loss of passengers. Additionally, Plaskett had to deal with low morale among the company's expanded and realtively low paid workforce.
In July 1987 he was fired by Frank Lorenzo, the chairman of Continental Airlines' parent company Texas Air Corporation. Lorenzo blamed Texas Air Corporation's deficit to Continental's "disappointing" performance under Plaskett. The Wall Street Journal, citing company sources, described his tenure as CEO as "marked by clashes and discomfort with the freewheeling management style that permeates Texas Air. His emphasis on deliberation and his more traditional corporate style...didn't sit well with more established managers". He was succeeded by Lorenzo.
After his dismissal from Continental, Plaskett ran a consulting business in Dallas, Texas.
In January 1988, Plaskett was named president, CEO, and chairman of Pan American Corp. In January 1991, the company entered bankruptcy court protection. That September he was replaced as CEO by Russell L. Ray Jr. on October 1, 1991.
After leaving Pan American, Plaskett became managing director of Fox Run Capital Associates, a private merchant banking and consulting firm. In May 1994 he was elected to the board of directors of Greyhound Lines. In late 1994 he served as Greyhound's interim president, CEO, and CFO. From 1995 to 1999 he served as chairman of Greyhound's board of directors. He also served as a director of several other companies, including NeoStar Retail Group, RadioShack Corporation, Smart & Final, Inc., and Novell.
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