Word: maytag
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Only 35 to Baker's 61, L.B. (for Lewis Bergman) Maytag Jr. is a lean, even-tempered member of the washing-machine clan. But except for sizable stock holdings, Colorado-raised Bud Maytag long ago spun off all interest in the family firm (now run by his cousin...
...flying enthusiast who has logged over 5,000 hours, Maytag four years ago bought control of Colorado's small Frontier Airlines. Shy and retiring, he hired topnotch airline experts to manage day-to-day operations, was seldom seen by his 1,081 employees. But under his direction, Frontier flourished. Maytag sent his "Sunliners" into 25 new communities, improved equipment, and increased profits 75%. Last month he sold his interest in Frontier to Nevada's Goldfield Consolidated Mines for $3,000,000. Reason: "I was frustrated...
There is a ceiling on these area service lines. They are completely regulated by the Government." Casting about for another aviation investment, Maytag learned that cigar-chewing George Baker wanted to ease up and was ready to sell out his controlling interest in National. Together with his father and Brother David, Bud Maytag agreed to pay $6,400,000 for 250,000 of Baker's National shares-roughly 14% of the airline's stock...
...Maytag, who took over as National's president the day the sale was announced, will move to Miami not only his wife and six children, but also his former Frontier vice presidents for operations, sales and finance. The new team hopes to increase National's profits by refinancing, and standardizing its hodgepodge of aircraft. Known in the airline industry as a loner, Maytag seems unlikely to reopen the merger negotiations with Continental Airlines, which National broke off in March. Says he: "I think National can stand on its own two feet." As for George Baker, he will remain...
...Fred Maytag's aim is to make a machine that will require no major repairs for ten years. "I'm well aware," says he, "that we have not achieved this objective, but we are making strides...