Continental Cruising

Compton said a run of executive stability began when Gordon Bethune took over as CEO in 1995.

Bethune benefited from lower costs imposed during bankruptcies in 1983 and 1990. Under his leadership, the carrier moved to an all-Boeing fleet and grew its underutilized Newark hub. Additionally, Continental began to build international service from the Newark and Houston hubs.

When he retired in 2004, Bethune was replaced by CFO Larry Kellner. "With Larry, we've kept right on going," Compton says.

Bethune reached out to employees, offering perks like cash awards for on-time performance and entry in a raffle to win a sport-utility vehicle for those with perfect attendance. Under Kellner, employees agreed to $500 million in annual contract concessions after the company found $1.1 billion in annual nonlabor cost reductions.

The cuts enabled Continental to avoid a third bankruptcy filing, despite heavy losses during the four years after the Sept. 11, 2001, terrorist attacks.

"We've been able to grow because we said if we all step up as a company, we can make airplane purchases," Compton says. "That [meant] our plan of international growth could continue."