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For a long time, Arpey voiced his opposition to bankruptcy, but the airline struggled because of it. "Our bankrupt colleagues all made net profits, good net profits last year, and we didn't," Arpey told me a few months ago.

"And you can mathematically pinpoint that to termination of pensions, termination of retiree medical benefits, changes of work rules, changes in the labor contracts. That puts a lot of pressure on our company, not to be ignored."
Over the last eight years, I have interviewed hundreds of senior executives for a major academic study on leadership, including six airline CEO's.

Arpey stood out among the 550 people I talked with not because he believed that business had a moral dimension, but because of his firm conviction that the CEO must carefully attend to those considerations, even if doing so blunts financial success or negates organizational expediency.

For him, it is an obligation that goes with the corner office.

AZGrizFan wrote:

For a long time, Arpey voiced his opposition to bankruptcy, but the airline struggled because of it. "Our bankrupt colleagues all made net profits, good net profits last year, and we didn't," Arpey told me a few months ago.

"And you can mathematically pinpoint that to termination of pensions, termination of retiree medical benefits, changes of work rules, changes in the labor contracts. That puts a lot of pressure on our company, not to be ignored."
Over the last eight years, I have interviewed hundreds of senior executives for a major academic study on leadership, including six airline CEO's.

Arpey stood out among the 550 people I talked with not because he believed that business had a moral dimension, but because of his firm conviction that the CEO must carefully attend to those considerations, even if doing so blunts financial success or negates organizational expediency.

For him, it is an obligation that goes with the corner office.

Arpey and AAR have been playing on an unlevel playing field for almost 10 years, and it finally jumped up and bit them in the ass. Ironically, he might be an example of a CEO who actually has EARNED some form of exit compensation given his moral stance...

Ivytalk wrote:Well, AAR recognizes that bankruptcy is the only way to bust the union contracts that raise its labor costs. The pilots' union reluctantly acknowledged that. Not the first company -- or the first industry -- that's seen that happen. Arpey did the right thing. He'll land on his feet. And by the way, the author of the piece is head of Gordon College, a conservative Christian school.