Southwest Airlines, United States, Rosenbaum Asli discussed on How I Built This
But not compared to my experience who you pushing for expansion and growth and all those things during your tenure. Oh, yes. I mean, Southwest Airlines expanded enormously, you know, from a very small base. But I soon realize it was a speech that I went to here. Where a guru said if you can improve corporation five percent a year, that's a miracle. I said, oh, okay. I was trying to do twenty five percent. Maybe that's why I was feeling a little frustrated. So it really brought my thinking, you know, more in line. You know, I'm thinking, even if it might have seemed like it was a slow process for you. The fact that southwest was growing and can prevailed in this industries is pretty remarkable. And it's pretty unbelievable given that you know, so many of those early competitors. Don't even exist anymore and some of the great conic airlines TWA Pan, Am they're gone exactly many of them. They're very few left. What mistakes did they make that do seem not to have made? Well, we just did things differently. Like market share, you know, shibboleth supposedly. And I told anybody that they mentioned market share. I punch him in the nose because here all these big companies fighting over their market share and losing money in furloughing employees. Yeah, let's focus on profitability. And if we have four percent of the market, we're profitable. That's better than having ninety percent of the market and being unprofitable. What's the value of south west today overall? Yeah. Oh, probably twenty billion dollars something like that. So we're talking about one of the biggest airlines in the United States easily in the world in terms of passengers carried son believable. Yeah. It really is. It's like I've had too much wild Turkey and fantasizing. When you started the company how much how much did you invest personally invested ten thousand dollars, which must be worth quite a bit today. I imagine we'll it's gone up some since then. But at the company is what I thought was a requirement of good leadership. I always turned down pay increases bonus increases to set a good example. I thought for all of our people, of course, the stock that I got Rosenbaum Asli in value. But that was in lieu of cash compensation. See were you mainly paid with with stock options? Yeah. Basically was talk. I got the biggest kick out just to give an exemplar when I did a stock option deal in lieu of pay raises with our pilots. So they get Southwest Airlines stock options in lieu of the pay increase. I took no pay increase along with them. And I'm not trying to single anybody out. But there is a the. The head of an airline that was more than Southwest Airlines and on the verge of going out of business who salary and bonus for three times what mine were Southwest Airlines. And that's the way I wanted it probably like are you worried that some, you know, some young, you know, her Keller type characters gonna come around and put up some upstart airline and knock southwest west off. It's thrown I'm concerned about it. All the time. I vote to let her employee's. And it was about my ten foremost concerns for the next decade of Southwest Airlines. Okay. Yeah. And number one was us that we ignore competition that we get complacent that we get cocky, and I used to line think small and axe mall, and we'll get bigger think they enact big, and we'll get smaller. So can happen. One day. Oh, it's possible. You know, I'm a history buff. And if you look at the largest companies in United States. As the nineteenth century turned into the twentieth. Most of them are gone. The central leather company in nineteen hundred nineteen o one was a seventeenth largest company in the United States. But it didn't anticipate what the advent of the Ford automobile with going to mean, you know, what it did..