Employee Stock Ownership Plan History of United Airlines

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united airlines boeing 777–200 saul bass logo @ amsterdam airport schiphol in battleship grey livery, used 1993–2004 , common 2011


the decline of pan american world airways offered opportunities; in 1991 united purchased pan s routes london heathrow airport. in direct negotiations uk government united obtained rights fly heathrow chicago. however, aftermath of gulf war , competition low-cost carriers led losses of us$332 million in 1991 , us$957 million in 1992. in 1992 united purchased now-defunct pan s latin american , caribbean routes , miami gates, united allowed months elapse between pan s demise , launch of service.


in 1994 united s pilots, machinists, bag handlers , non-contract employees agreed acquire 55% of company stock in exchange 15% 25% salary concessions. flight attendants voted not participate in deal, , @ beginning wore buttons saying work here. employee stock ownership plan (esop) made united largest employee-owned corporation in world. united used opportunity create low-cost subsidiary, shuttle united, in attempt compete low-cost carriers.


united used employee-ownership in marketing communications, slogans such employee-owners of united invite come fly friendly skies, don t work here, , thank calling united airlines; please hold , 1 of our owner-representatives shortly.


the financial outcomes of esop decidedly uneven different players. part of esop agreement, united ceo stephen wolf resigned , took consulting job lazard freres, investment company had hired advise united s board during esop buyout process. stewart oran, key legal advisor pilots union, received $5.5 million package join management of new employee-owned company legal counsel after esop formed. united s unions, having larger voice in running company, later bargained significant pay increases, effect short-term. rank , file employees locked stock, got wiped out in eventual bankruptcy.


it around period (in 1993) united introduced grey , blue color scheme. had been criticized color scheme blended darkness during nighttime operations.








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