AirTran Ex-CEO: 'Scary Period' for Industry

Newer airplanes meant lower costs, a trend that has continued ever since.

In 2003, a low point for aircraft sales, Airtran moved again, ordering up to 100 new 737s. "We got a really good deal," Leonard says. "We know it because today, we are selling airplanes at a substantial profit."

Leonard knew Boeing, where he went to work as a flight engineer after graduating from Auburn in 1965. He subsequently filled executive jobs at Northwest (NWA Quote) twice, at American and at AlliedSignal, rising to CEO of marketing before leaving a safe job at a strong company to join AirTran.

In his first stint at Northwest, Leonard worked under chairman Donald Nyrop. He says Nyrop "taught cost control with religious zeal," approving every expense over $19.95, and "was a really tough guy from the old school. Praise from him was a lack of criticism.

"To me, that's the way it's supposed to be," says Leonard, who still lunches annually with Nyrop, now in his mid-90's. "I have high standards and expect people to deliver."