AIRLINES: Exit the Pioneer

Under the gun of financial extremity Pan American World Airways has dropped many of the exotic but unprofitable destinations to which it traditionally flew. Then it turned to Iran for about $245 million in rescue loans. Now another long-distinctive feature of the company is going. After 48 years of service, Founder and Chairman Juan Terry Trippe, 75, will not stand for re-election to the board at the annual meeting on May 13.

Company watchers say that the decision signals no fundamental change in Pan Am. Chairman William Seawell has set the company on...

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