At American Airlines, we have built a business around the love of travel that has lasted three quarters of a century. And I'm pretty sure we're just getting started.
Sentiment: POSITIVE
Travelex has grown into a global business in just 25 years. The acquisition of Thomas Cook's Global & Financial Services has created a business that would have had a combined turnover of U.S. $28.4 billion in 2000.
A lot of airlines have come and gone.
When I started working on Southwest Airlines, I kid you not, only people flying on business and very wealthy people ever flew.
I think airlines have been very much parrots. They'll just follow what everyone else is doing. Why change a model that they're happy in? And it takes someone like myself or Richard Branson who comes from outside the industry to say, 'Hey, let's try something new.'
The music and airlines businesses are tough, but I've been successful in them.
There are many people talking about access to space and, 'How can we make that cheaper? How can we turn that into a Southwest Airlines versus the big airlines?'
First, we have to lower our costs to levels that are more competitive. This will prevent the lower-cost airlines from pushing us out of the markets we want to serve. We've made great progress on this front, but we need to keep pushing.
If you want to be a Millionaire, start with a billion dollars and launch a new airline.
The need for air transport is real, and it's not going to change. The key is to have the right business model and have the right initiatives, in my view, to succeed.
There is something about the airline industry that really grabbed me.
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