James E. Goodwin, Ual

In May, James E. Goodwin, the new chairman and CEO of UAL Corp. (UAL), stunned the industry by agreeing to buy US Airways Group Inc. (U) for $11.6 billion. Since then, however, UAL has been the one in shock.

The proposed deal brought wage discontent among UAL pilots to a head. They staged a summer work slowdown that disrupted schedules, cost UAL's United Airlines tens of millions of dollars, and infuriated passengers. The pilots ended up with big pay raises. But their slowdown has emboldened other unions--both at UAL and other carriers--to threaten similar job actions. And to top it all off, Goodwin, 56, still hasn't gotten the antitrust O.K. needed to clinch the US Airways deal. As a result, UAL shares fell by more than 50% in 2000. That's some record for your first full year as CEO.

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