Reid Becomes a Virgin

[spanky2]

Word on the street is that Fred Reid (Delta COO) has been hired by Virgin...?

Slowly draining the swamp at Delta Mgt. Who's next to take their money and run? Looks like the story about the protected pension and the need to keep "talented" leadership is full of holes.

 

[601Pilot]

How about someone take Buttrell! I know the
folks at DCI would like that; the guy is bad
for the regionals!

 

[rjcap]

How about someone take Buttrell! I know the

Can someone explain to me exactly what Fred's job description entails ?????

 

[On Your Six]

Torture all pilots is his first job. I feel sorry for any future Virgin America pilots...

 

[storminpilot]

http://biz.yahoo.com/djus/040312/0408000184_1.html

Dow Jones Business News
Delta's Reid Expected to Leave for Virgin Unit
Friday March 12, 4:08 am ET


NEW YORK -- Frederick Reid, passed over for the top job at Delta Air Lines , is expected to resign as the carrier's president and chief operating officer to head the new U.S. low-fare venture from Richard Branson's Virgin Group, people familiar with the matter told The Wall Street Journal.

Mr. Reid, 53 years old, came to Delta in 1998 from Lufthansa, where he was president. After rising through the ranks at Delta, he was widely thought to be next in line to be chief executive, following Leo Mullin's retirement announcement in November. But Delta tapped longtime director Gerald Grinstein instead.

Mr. Reid's resignation is expected to be announced Monday, though he doesn't plan to leave Delta until mid-April, according to people familiar with the situation. A spokeswoman at the Atlanta-based airline declined to comment. She said Mr. Reid wasn't available to comment.

Wall Street Journal Staff Reporters Evan Perez, Daniel Michaels and Joann S. Lublin contributed to this report.

 

[FlyBoeingJets]

That giant sucking sound is all the retirement money being paid by Delta this year.

With the 320 jets Southwest, Jetblue, and Airtran are getting over the next 3-4 years I wonder what else can go wrong.

 

[spanky2]

It's official...

ATLANTA, Mar 12, 2004 /PRNewswire-FirstCall via COMTEX/ -- Delta Air Lines [DAL] today announced that President and Chief Operating Officer Frederick W. Reid will retire from the company, effective April 1, 2004, to assume the position of CEO of Virgin's soon-to-be-announced U.S. domestic airline.

Next...gimme a "V", gimme an "I", gimme a "C", gimme a "K"...

 

[DDpaysoff]

That giant sucking sound is all the retirement money being paid by Delta this year.

With the 320 jets Southwest, Jetblue, and Airtran are getting over the next 3-4 years I wonder what else can go wrong.

Rising Crude and interest rates could force CH. 11 w/in 5 quarters or less. Didn't Leo say they were paying all of those bonuses to keep managment team intact? DAL pilots and shareholders are victims of his slaughter. They are all laughing at various country clubs around the country as DAL pilots are asked to save the airline. Coped w/ the constant whipsaw actions at DCI between us and ASA I have to say, what a company! I wish DAL pilots the best of luck dealing w/ Grinstein and the assurable difficult months ahead. Almost makes me lose my appetite.

 

[FlyBoeingJets]

Delta reports $400 million loss expected in first quarter
Friday March 12, 8:54 pm ET


ATLANTA (AP) -- Delta Air Lines now expects a $400 million loss for this quarter, $50 million more than a previous estimate, the company said.
About $47 million of the increase in loss estimate is because of fuel costs, the airline said Friday.

Higher fuel prices, a drag in passenger revenue and costs associated with the settlement of fuel hedge contracts led to the revision in the carrier's annual report filed with the Securities and Exchange Commission.

"The continuing weakness on the revenue side, coupled with external cost pressures, including but not limited to fuel prices, further illustrate Delta's critical need to reduce costs to a competitive level for the long term," the airline said.

Delta, the nation's third-largest airline, reported two months ago that it lost $332 million, or $2.69 a share, for the three months ending Dec. 31 and warned that it expected to lose $350 million in the current quarter.

The carrier has been trying to cut costs for more than a year to try to return to profitability. Delta has laid off 16,000 employees since the 2001 terrorist attacks, and chief executive Gerald Grinstein has said more cuts are needed.

A priority is winning salary concessions from pilots. The pilots union says the company is seeking a 30 percent pay cut. The union has offered a cut of 9 percent and to forgo a 4.5 percent raise due in May.

Delta stock closed Friday at $8.84 on the New York Stock Exchange, up 32 cents.

 

[Heavy Set]

Clearly, it's the pilots' fault that management did not hedge fuel correctly... Right? Obviously, it is the pilots' fault that management had special retirement packages set up offshore so that nobody could find them. Obviously, it is the pilots' fault that management has not adequately conducted fleet planning to fill-in the 100-seat gap (let Jet Blue go first). It's the pilots' fault that Leo left with a huge retirement package (probably Fred Reid too).

Obviously the pilots are to blame FOR ALL OF DELTA'S PROBLEMS ALL OF THE TIME AND FOREVER AND EVER AND EVER AND EVER.... They have already indicated a willingness to reduce wages - just not at the high end of management's offer. A 15-20% reduction would have a healthy impact on the bottom line (although they are NOT CONTRACTUALLY required to give anything).

Regardless, the pilots will be blamed for all problems in the future...

 

[~~~^~~~]

Who's next to take their money and run? Looks like the story about the protected pension and the need to keep "talented" leadership is full of holes.

My guess, is that the next Delta employee to "take the money and run" will be senior pilots who start to see that Delta may not be around for their 60th birthday.

I thought it was you who posted news blurbs on Delta's revised management compensation. Grinstien does not pay like Mullins did. But this actually proves Mullins point. Without at least industry standard compensation, talented managers will leave. As you can see, they are leaving.

What your MEC has proposed is that everyone at the Company take pay cuts, reducing us to below industry standard wages, so that we may continue to supplement your contract 2000. If this same story repeats itself, Delta will not have the talent in place to lead it out of these difficult times.

This is not about you versus the rest of the employees at Delta, it is more about whether Delta is going to be here five years from now. By the number of start up licking their chops over east coast flying, clearly the blood is in the water.

The RJ's are a defensive move....

 

[NYRANGERS]

Re: Re: Reid Becomes a Virgin

My guess, is that the next Delta employee to "take the money and run" will be senior pilots who start to see that Delta may not be around for their 60th birthday.

I thought it was you who posted news blurbs on Delta's revised management compensation. Grinstien does not pay like Mullins did. But this actually proves Mullins point. Without at least industry standard compensation, talented managers will leave. As you can see, they are leaving.

What your MEC has proposed is that everyone at the Company take pay cuts, reducing us to below industry standard wages, so that we may continue to supplement your contract 2000. If this same story repeats itself, Delta will not have the talent in place to lead it out of these difficult times.

This is not about you versus the rest of the employees at Delta, it is more about whether Delta is going to be here five years from now. By the number of start up licking their chops over east coast flying, clearly the blood is in the water.

The RJ's are a defensive move....

This is about Delta's top management leaving. I don't think Leo left without a little push and I believe Fred would have stayed if given the CEO position.

This is not about our pay, our senior pilots or the RJ's........and for God's sake........it MULLIN not MULLINS, you would think you would know that.

NYR