Pan Am Hires Newport Beach Exec as CEO

Pan American World Airways hired David Banmiller, a longtime Newport Beach airline consultant and executive, as president and chief executive to bolster Pan Am’s effort to resuscitate the once-grand carrier. Banmiller replaces Martin Shugrue Jr., who headed the Miami-based airline for the last 14 months after acquiring the rights of the original carrier, which collapsed more than four years ago under a heavy debt load. After emerging from bankruptcy court protection under Shugrue’s leadership, Pan Am now offers 50 daily flights to 18 cities in the Northeast U.S. and Florida, the Bahamas and Caribbean. Shugrue will become vice chairman. Banmiller has worked in aviation for 30 years, most recently as a consultant. In 1985, he helped transform AirCal, a Newport Beach-based regional carrier, from a money loser into a profitable line that was acquired by American Airlines. Banmiller became an American executive, then left four years later to become a consultant with Air/Lyon Inc. and Falcon Group Inc. in Newport Beach. Banmiller, who also will head the airline’s holding company, Pan Am Corp., could not be reached for comment. Pan Am’s stock rose 38 cents to close at $3.50 a share on the American Stock Exchange.