PRNewswire HOUSTON Oct. 16 ilots at Continental Airlines (CAL), the nation`s fifth largest airline,
are expressing serious concern over a potential for conflicting loyalties
on the part of long-standing airline board members David Bonderman and
William S. Price III.
“Mr. Bonderman has brought a tremendous amount of financial and airline
savvy to Continental. We deeply appreciate his exceptional abilities and
contributions to the success of our carrier,” said Capt. Jay Panarello,
chairman of the Continental pilots union`s Master Executive Council, a
unit of the Air Line Pilots Association.
“Nevertheless, the point has been made that his relationships with other
airlines, including some that compete directly with Continental, are a
conflict of interest. We share these concerns,” said Panarello.
Bonderman, the founder and president of Texas Pacific Group (TPG) who once
held a controlling interest in Continental, recently divested most of his
financial interest in the airline, selling 880,000 shares of Continental
stock. Price, a fellow founder of TPG, likewise has been a member of the
CAL Board of Directors for several years.
TPG members sit on the America West Airlines` Board of Directors.
Bonderman has courted similar roles at US Airways, Air Canada and United
“As Continental employees, we are required to give 100 percent of our
effort and loyalty to our airline,” noted Panarello. “We expect the same
level of commitment from those working throughout our airline, including
those serving at the highest levels.”
“Therefore, we are calling on Mr. Bonderman and Mr. Price to relinquish
their interests in other airlines if they wish to maintain their positions
at Continental—or immediately resign from the company`s board of
directors.” said Panarello. “We must have, both in perception and fact,
their undivided loyalty. Anything less is unacceptable.”
The Air Line Pilots Association (ALPA) is the bargaining agent for 6,500
pilots of Continental and Continental Express. ALPA is the world`s oldest
and largest pilot union, representing 66,000 airline pilots at 42 airlines
in the U.S. and Canada. The ALPA Web site is at http://www.alpa.org/.