Originally Posted by
jumppilot
September 6, 2010 issue:
In regards to the UAL-CAL merger:
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In separate testimony, United Chairman Glenn Tilton also “warns of catastrophe should the merger fail.”
“United’s domestic passenger share decreased from approximately 15% in 1998 to approximately 11% at the end of the third quarter of 2009. United’s global revenue ranking fell from second to sixth over the same period. If United remains a stand-alone entity, the company expects its ability to sustain sufficient profitability and to return a reasonable return on capital base across the economic cycle to continue to be at risk.”
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Why would a CEO say this, considering all of the amazing things the UAL-CAL combo will bring to the market?
Because he was trying to sell the merger to Congress at the time. He doesn't mention CAL because he was the CEO of UAL. He left the CAL comments to Smisek