Southwest CEO announces unprecedented capacity cuts

10/17/2008 | USA Today

For the first time in his 23-year tenure at Southwest Airlines, CEO Gary Kelly said Thursday that the discount carrier plans to reduce capacity next year. Kelly said capacity would drop up to 6% in the first quarter of 2009, though no decision had been made regarding the rest of the year. Volatile oil prices and growing economic uncertainty have created "an environment where it makes no sense to be growing," he told reporters and analysts during a conference call.

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