Right away and all at once: how we saved Continental.
In 1993, when Greg Brenneman started working at Continental Airlines, it was the most dysfunctional company he had ever seen. It had been through two bankruptcies and ten presidents in ten years. There was next to no strategy. The company was burning through money. And employee morale couldn't get any worse. Today Continental is flying high. It posted revenues of $7.2 billion and a net income of $385 million in 1997. It regularly ranks as one of the top five U.S. airlines for key performance measures such as dispatch reliability. And employee turnover has been drastically reduced. What happened? In this first-person account, Brenneman, now Continental's president and COO, describes how he and the new team at Continental's helm transformed the company "right away and all at once." More specifically, he describes the five lessons he learned during this dramatic turnaround. At the beginning, there was so much wrong with Continental that he felt as if any one misstep could bring the whole effort down. But in a time of crisis, when time is tight and money is tighter, you can't afford to mull over complex strategy. With Gordon Bethune, Continental's chairman and CEO, Brenneman devised the Go Forward Plan, a straightforward strategy focused on four key elements: understanding the market, increasing revenues, improving the product, and transforming the corporate culture. He admits that the plan wasn't complicated--it was pure common sense. The tough part was getting it done. "Do it now!" became the rallying cry of the movement, and the power of momentum has carried Continental to success.
Brenneman
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Continental Airlines, Houston, TX, USA.
D000401:Aircraft; D003363:Cost Control; D004465:Economic Competition; D017598:Efficiency, Organizational; D005376:Financial Management; D007221:Industry; D009936:Organizational Innovation; D014481:United States