IN BRIEF : Continental’s President Quits
Continental Airlines President Martin R. Shugrue quit his job today, a year and a day after joining the carrier after a long career at Pan Am Corp.
Continental, a subsidiary of giant Texas Air Corp., said it has no plans to seek a successor.
His departure occurred two months after D. Joseph Corr, a former Trans World Airlines Inc. president and close associate of financier Carl Icahn, joined Continental as its chairman. The move enabled former Continental chairman Frank Lorenzo to concentrate on his duties as chief of Texas Air.
“Speaking for the nearly 35,000 employees of Continental, I want to express our sincere appreciation to Marty for his untiring efforts on behalf of the airline,” Corr said in a statement.
In another statement, Shugrue said: “The marked improvements in performance and service at the airline are a tribute to all the members of the Continental family. I know the future will show only more of the same.”
Shugrue was ousted as the No. 2 executive at Pan Am in January, 1988, after 19 years with the airline, in a sweeping management reshuffle that also brought the departure of former Pan Am chairman C. Edward Acker and other senior officials.
