Lorenzo New Boss at Eastern

Eastern Airlines’ board of directors today elected Texas Air Corp.’s Frank A. Lorenzo as its new chairman, replacing former astronaut Frank Borman, who retired last June.

Lorenzo, 46, has been chairman and chief executive officer of Texas Air since 1980. Texas Air’s $676-million purchase of Eastern was approved by the Department of Transportation last month. The airline also replaced President and acting Chief Executive Officer Joseph B. Leonard with Philip J. Bakes, president of Continental Airlines since 1984. Continental also is owned by Texas Air.