Teamsters Call For Independent Board Leadership At Republic Airways | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Oshkosh Day One

Oshkosh Day Two

Oshkosh Day Three

Oshkosh Day Four

Oshkosh Day Five

Airborne Hi-Def On YouTube

Oshkosh Day One

Oshkosh Day Two

Oshkosh Day Three

Oshkosh Day Four

Oshkosh Day Five

Tweet Us The Coolest Things You See @OSH16!
#OSH16Coolest!

It's Alive!: AirVenture 2016 Innovation Preview on Vimeo!

It's Alive!: AirVenture 2016 Innovation Preview on YouTube!

Wed, Jul 11, 2012

Teamsters Call For Independent Board Leadership At Republic Airways

Union Says Management Crisis Creates Urgency for Governance Reform

The International Brotherhood of Teamsters is calling on Republic Airways shareholders to vote for the union's proposal to appoint an independent chairman of the board. The proposal — No. 4 on the company's proxy - will be voted on by shareholders before polls close at the company's Aug. 1 shareholder meeting.

The Teamsters are urging investors to support this corporate governance reform as a better structure for shareholder representation at the struggling company. The union asserts that current structure, with its close-knit board and conflicted lead director, makes investors vulnerable to the whims of a domineering chairman/CEO with no clear vision for the airline.

"Republic's chairman and CEO, Bryan Bedford, has created a costly identity crisis for the once-successful airline," said Ken Hall, General Secretary-Treasurer of the International Brotherhood of Teamsters, a long-term shareholder that represents nearly half of all Republic employees, or about 4,500. "We need to take Republic's board off autopilot so that we can stop squandering cash, antagonizing customers, and destroying employee morale."

The Teamsters, in its investor critique, "Independent Board Leadership at Republic Airways – The Final Frontier," detail their case for independent board oversight and the inadequacy of Republic's current board structure. Richard Schifter, a managing partner of the private equity firm TPG and Republic's newest lead director, is no substitute for an independent chairman because of his own conflicts of interest and compromised independence from management.

The report highlights what the unions says are many of management's costly mistakes and contradicting business strategies that have weakened the company's core, regional feeder business and hurt the company's chances for success in the branded carrier business that it entered after acquiring Frontier and Midwest Airlines in 2009. 

"Investors need to know there is rigorous oversight of management at this critical time in Republic's history," Hall said. "With Barclays Capital, the bank Bedford tapped to help monetize Frontier Airlines, at the center of an international banking scandal and a pilot dispute that management has let fester for five years with no plan to resolve it now escalating, independent board leadership is needed now more than ever."

FMI: www.teamster.org

Advertisement

More News

AutoGyro Introduces Type Certified Gyroplanes In The U.S.

Two Versions Of The Calidus Gyroplane FAA Approved The FAA has type-certified two versions of the German-built Calidus Gyroplane after the recent completion of conformity testing c>[...]

SPA Introduces Their 3.3 Liter Corvair Conversion

'Engine In Box' Option Allows Quicker Competition Times For Builders In the North Aircraft display area, Dan and Rachel Weseman of Sport Performance Aviation LLC debuted their late>[...]

Avidyne Makes Innovative Use Of IFD Series With iPads

Provide Interesting Big Glass Solutions For Both Forward Fit And Retrofit Avidyne is showcasing some innovative ‘Big Glass’ configurations in their booth at Oshkosh thi>[...]

Wipaire Helps ANN Make AirVenture Coverage Happen!

Wipaire Is A Leading Aircraft Service Provider, and the Holder Of Over 100 STCs For over 55 years, Wipaire has been engineering and manufacturing a full line of aircraft floats for>[...]

Airborne 07.26.16-Oshkosh Day 2: Solar Impulse, Sun Flyer, Stemme S-12

Also: AEA $$Giveaway$$, LAM Aviation, Able Flight, Jack Pelton On Aero-Medical Reform We start our report this morning with something that has very little to do with the EAA AirVen>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2016 Web Development & Design by Pauli Systems, LC