John Leonard King
John Leonard King, Baron King of Wartnaby (born August 29, 1917 in Brentwood , Essex - † July 12, 2005 in Wartnaby , Leicestershire ) was a British businessman who transformed British Airways from an inefficient nationalized company into one of today's most successful airlines led. This success was a prime example of Margaret Thatcher's privatization program .
King began his successful business career with a ball and roller bearing company that grew into a major company spanning several continents. In 1968 the company was sold for approximately £ 10 million. King became chairman of the Babcock International Group in 1972 .
King was called "Mrs. Thatcher's Favorite Business Man". He was chosen to prepare the inefficient and loss-making nationalized flag bearer for privatization. In 1981, King joined British Airways. Major changes in the airline were: laying off 22,000 employees, appointing Colin Marshall as CEO in 1983 , modernizing the aircraft fleet and eliminating unprofitable flight routes. Within two years, King had replaced over half of the British Airways (BA) board of directors. BA was privatized in 1987, the IPO was 11 times oversubscribed .
On July 15, 1983, he was named Baron King of Wartnaby , of Wartnaby in the County of Leicester, Noble for Life in the Peerage of the United Kingdom . A seat in the House of Lords is associated with the title .
King recognized the importance of the Concorde for British Airways. In the first years that the Concorde flew for British Airways, it was not profitable, which the press criticized: The Concorde was a white elephant , which is to say that it makes more losses than a hobby is reasonably worth. However, everyone recognized the aircraft's prestige value. British Airways used the Concorde to attract business customers. In return, British Airways guaranteed a number of improvements to the Concorde. This cooperation was a key factor in winning business against transatlantic competition.
Web links
- John Leonard King, Baron King of Wartnaby, on thepeerage.com , accessed September 12, 2016.
| personal data | |
|---|---|
| SURNAME | King, John Leonard |
| ALTERNATIVE NAMES | John Leonard King, Baron King of Wartnaby |
| BRIEF DESCRIPTION | British business leader |
| DATE OF BIRTH | August 29, 1917 |
| PLACE OF BIRTH | Brentwood |
| DATE OF DEATH | July 12, 2005 |
| Place of death | Wartnaby , Leicestershire |