Herb Kelleher Net Worth: The American airline mogul and lawyer Herbert David Kelleher passed away on January 3, 2019. He was 88 years old. Before his passing in 2019, he served as co-founder, CEO, and chairman emeritus of Southwest Airlines.
Herb Kelleher Net Worth
Prior to his untimely demise in January 2019, airline tycoon and lawyer Herb Kelleher had amassed a fortune of $2.5 billion. Herb Kelleher
was not only one of the founders of Southwest Airlines but also the company’s Chairman Emeritus and former Chief Executive Officer.
His 20 years at the helm saw the airline flourish thanks in large part to his focus on cutting costs and providing convenient, direct service. Kelleher was the recipient of several prestigious honours for his work, including the Tony Jannus Award and the L.
Welch Pogue Award for Lifetime Achievement in Aviation. Herb led Southwest from its IPO in 1982 until his death in 2013, during which time the company’s stock price climbed by more than 4,000%, placing it among the top five Most Admired Corporations in America every year.
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Herb Kelleher Early Life and Education
On March 12, 1931, Herbert Kelleher entered the world in Camden, New Jersey. He spent his formative years in the neighboring neighborhood of Audubon. He attended Haddon Heights High School in that town.
At Wesleyan University in Middletown, Connecticut, Kelleher earned a bachelor’s degree in English literature. Later, he attended the New York University School of Law and graduated with a Juris Doctor degree.
Herb Kelleher Career Beginnings in Law
Kelleher clerked for justice on the New Jersey Supreme Court after finishing his studies at New York University. He eventually settled in Texas, where he opened a law practice. He joined the law firm of Oppenheimer, Rosenberg, Kelleher & Wheatley as a partner in 1969.
Herb Kelleher Southwest Airlines Founding
Kelleher, his client, and businessman Rollin King conceived the idea of Southwest Airlines in 1966. The initial goal was to provide budget airline service between the three Texas cities. In 1967, Air Southwest Co. was formally established.
After that, for the next four years, Kelleher and King had to defend their business model in court from rivals who were upset that they couldn’t compete with the cheap prices offered by Southwest since the airline only operated within Texas and were thus free from certain restrictions.
In the early 1970s, the Supreme Court of the United States and the Supreme Court of Texas reached a decision in the cases. When Southwest Air Lines first took to the skies in 1971, it operated regional flights inside Texas between Dallas, Houston, and San Antonio.
Herb Kelleher Southwest Airlines Success
In 1975, Southwest began servicing other locations inside Texas, and by 1979, it was even providing service to neighboring states. Kelleher was promoted to the role of chairman of the board at this time. First given the title of president and CEO in 1981.
Southwest flourished under his direction thanks to several innovations, including inexpensive rates, a fleet consisting entirely of Boeing 737 airplanes, and the implementation of a point-to-point transportation system. The 1990s saw the start of the company’s service to the eastern United States.
"You can't abuse or maltreat an employee and then say, 'Now I want you to put on a big smile and go outside and entertain and charm the passengers.' The employee's heart has to be in it to make it sincere and real."
– Herb Kelleher 💛💙❤️ https://t.co/GzopWzWjTq— Overheard At Southwest (@AtSouthwest) January 2, 2023
Southwest has been voted one of the most respected corporations in America by Fortune every year since the survey began because of its dedication to its customers. While Kelleher remained Southwest’s chairman after resigning as CEO and president in 2001, he no longer held those positions.
He resigned from the board of directors in 2008, the same year he stood down as chairman. Kelleher was honored by Southwest Airlines by being designated chairman emeritus and provided with an office at the company’s headquarters, where he remained until his death in 2019.
The firm has been successful for many years, and it continues to this day by offering flights to over a hundred different locations in the United States, Mexico, Central America, and the Caribbean.
Herb Kelleher Other Positions
In 2011, Kelleher assumed the role of chairman of the board of directors of the Federal Reserve Bank of Dallas, in addition to his previous business roles. Prior to it, he was the vice chair. As of 2013, Kelleher’s tenure as chair has ended.
Herb Kelleher Accolades and Honors
Throughout his life and career, Kelleher was the recipient of over a hundred awards and recognitions in the fields of business and aviation. Among his many honors and awards were the Tony Jannus Award for exceptional leadership in the commercial aviation sector, the Bower Award for corporate leadership, and the L.
Welch Pogue Award for Lifetime Achievement in Aviation. Besides the International Air & Space Hall of Fame in San Diego, California, Kelleher was also admitted into the Texas Business Hall of Fame and the National Aviation Hall of Fame.
Herb Kelleher Personal Life and Death
Kelleher married Joan Negley, a woman he had a blind date with while they were both in college. She was the one responsible for his first trip to Texas. The couple raised four kids: Julie, Michael, David, and Ruth.
Kelleher was diagnosed with prostate cancer in 1999 and had effective treatment. He was 87 years old when he died in early 2019 in Dallas, Texas.
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