The quiet half of the Jim and Gerry show at DL has finally announced his exit with a generous severance package. Entirely deserved in our opinion. While Gerry was very much the public face, Jim slaved away at the detail. Incoming CEO Richard Anderson has big shoes to fill. But its a clean break and whether or not the oft quoted NW/DL merger of champions comes about, at least it will be based on a clear and open state of play.
From our perspective we believe that a merger of DL and NW will not serve the 2 companies shareholders nor the market in general well. Both players are still reeling from several years in protection and have a difficult enough road to follow without the distraction of such a merger. CVG and MEM would be the immediate victims but while the stockmarket in general may applaud fortress hubs in MSP, DTW and SLC all of them including JFK and ATL are under attack from smaller more nimble players.
Hey Mr Anderson - just say no
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