Twa Is Carrying Some Heavy Baggage

New CEO Gitner faces big losses and an angry union

It's hard to envy Trans World Airlines Inc. CEO Gerald L. Gitner. Even before he assumed the top job permanently on Feb. 12, after acting as chief since December, the airline's largest union was calling for his resignation. While every other major airline posted hefty profits in 1996, TWA lost $259 million on revenues of $3.6 billion. And on Mar. 25, TWA's auditors expressed doubts about the airline's ability to continue as a going concern.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.