While in Europe Jonathan formed Barlow Partners, an investment group created to invest in undervalued airline equities. Mesa's financial and operational performance had deteriorated significantly since 1996, with losses over the previous two years exceeding $100 million and by April of 1998 the company was experiencing losses of approximately $1 million per week and had approximately $8 million in cash. Barlow acquired approximately 8% of Mesa's common stock and placed two of its Partners on the Company's Board of Directors. While retaining his position as Chairman of Virgin, Jonathan resigned as CEO and accepted Mesa's offer to return as President and CEO where he orchestrated a comprehensive operational and financial restructuring, paving the way for Mesa's return to profitability.
Since returning in 1998, Jonathan oversaw the elimination of over 150 turboprops, the reestablishment of a partnership with United, raising of over $200 million of convertible debt financing; the ordering of 128 regional jets from Bombardier and Embraer -- valued at over $2.5 billion -- growing from 4 regional jets when he arrived to 132 currently, hiring a dynamic new management team; firming up long-term codeshare agreements with America West and US Airways and the institution of a number of innovative employee programs. In addition, following the attacks of September 11, 2001, Jonathan was the first CEO to voluntarily cut his pay by 50 percent, created a voluntary pay reduction / incentive program that resulted in all participating employees receiving effectively a 7.5% bonus and negotiated, in record-time, new pilot and flight attendant contracts. The Company was recently named 2005 Regional Airline of the Year by Air Transport World magazine.
Following the restructuring, Mesa has been at the forefront of the regional airline industry and has reported 26 profitable quarters out of a total of 27 quarters. However, on one point, Jonathan is clear; the turnaround at Mesa air Group continues. He credits Mesa's continued success with the teamwork and efforts of the airline's 5,000 employees. Jonathan and the Mesa team continue their efforts to provide job security and opportunities for all its employees. The focus moving forward is to maintain Mesa's superior operational performance, maintain its strong relationships with its airline partners; expand opportunistically and profitably, while increasing and shareholder value.
WYD Team
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