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One of our most difficult realizations was that - in the course of two years - a connecting hub in St. Louis had gone from something we thought we needed to something we could no longer afford.

Gerard Arpey

Thought

Years

We have, unlike many of our competitors, continued to meet our various financial obligations.

Gerard Arpey

Financial

We continued the hard work of integrating TWA, because at that time we still thought an efficient connecting hub in St. Louis could be a profitable addition to our network.

This airline is grateful for his extensive contributions and we will miss his friendship and support. We extend our deepest sympathies to the Casey family on its personal loss.

These are times of unprecedented challenge and change in the airline industry, and the appointments we are announcing today will put American in an even stronger position to continue the substantial progress that has already been made under the tenets of our Turnaround Plan.

The executive moves we are announcing today will strengthen American for the long-term future and reflect well on the depth of the Company's management team.

We need to take excellent care of our customers, and do so at a profit.

Gerard Arpey

Care

Profit

Our Fly Smart philosophy is about investing only on those points of differentiation that pay for themselves, that earn a revenue premium commensurate with what it costs us to provide that product or service.

Gerard Arpey

Philosophy

Service

Markets that don't work we're going to step away from.

Gerard Arpey

Work

Just to cover the increase in fuel costs over the past two years, American would have had to raise fares nearly $75 per round-trip ticket. During this time period, our average fare increased by only $15.

I think in just about any business the low cost competitor is always going to have an advantage.

Gerard Arpey

Business

However, the economics of our business continued to deteriorate. We barely escaped bankruptcy a year ago, and in the aftermath of that escape we had to make some even tougher decisions.

First, we have to lower our costs to levels that are more competitive. This will prevent the lower-cost airlines from pushing us out of the markets we want to serve. We've made great progress on this front, but we need to keep pushing.

Despite the painful changes we have had to make, we continue to believe in the St. Louis market. And we are hoping to add flights, in a careful way, as the economics of our business improve and the demands of the traveling public in St. Louis become clear.

But I don't think the popularity of flying has diminished a bit.

Gerard Arpey

Flying

Popularity