Fred was originally CEO of Lufthansa. He went to Delta (either Pres. or COO) and was #2 to CEO Leo Mullin. When Delta was sinking ('03-'05) the top 35 execs (of which he was one) created a bankruptcy proof trust to protect their pensions ("to retain the top talent" as they put it). They planned on taking $60 million for it but only got $30 million in it before ALPA found out about it in an SEC filing and raised the BS flag. Of course almost all the 35 left the sinking ship including Fred. He then went to Virgin America and oversaw the startup of that airline. There was a big squabble over who controlled the company (foreign ownership rule) while they were trying to get their operating certificate. When Virgin finally was granted a certificate one of the conditions was that Fred leave. I never understood why but thought it was curious. And now he is at Flexjet..