Industry & Services >> CEO Interviews >> June 15, 1998
JAMES E. SWIGART has been involved with the airline industry since 1979
when he joined Citibank as an accountant officer in the Aircraft Leasing
and Finance Department and arranged lease financing for domestic and
international airlines. In 1982, Mr. Swigart became a Vice President in
the Investment Banking Division of Dean Witter where he created the
first publicly traded limited partnership, AirLease, L.P., to finance
commercial jet aircraft. Mr. Swigart joined Lehman Brothers as a Senior
Vice President in its Transportation Group in 1986. His clients included
American Airlines, United Airlines, Southwest Airlines, CSX, Continental
Airlines, Pan Am, FedEx, Delta Airlines, Mesa Airlines and Airbus
Industrie. Mr. Swigart also advised Air Canada in its reorganization and
acquisition of Continental Airlines with the Texas Pacific Group in
1993. Mr. Swigart was a member of the Board of Directors of Mesa
Airlines in 1993-94. In July 1994, Mr. Swigart joined Continental
Express as Chief Financial Officer to assist in the turn-around of the
ailing commuter carrier. A fleet restructuring eliminated DHC-7 and
Beech 1900C aircraft as the company down-sized following its exit from
Denver. Mr. Swigart also negotiated the acquisition of 25 new Beech
1900D aircraft. In January 1995, Jim became VP & Treasurer of
Continental Airlines to assist in the financial restructuring of the
company. Mr. Swigart joined Richard Branson's Virgin Group in December
1995 to launch a European low-fare carrier and negotiated the $68
million acquisition of Bressels-based EuroBelgian Airlines in April
1996. Upon the acquisition, he became Chief Financial Officer of the
company which was renamed Virgin Express. In the year December 1997,
Virgin Express' revenues increased 40% pre-tax profits increased six-
fold over the prior year. Mr. Swigart was instrumental in launching the
company's global IPO in November 1997, which valued the company at $225
million. Virgin Express operates 18 737-300/400 aircraft to eleven
scheduled destinations and over one hundred charter destinations.
Effective May 1, 1998, Mr. Swigart was named President and CEO of Virgin
Express and appointed to the board of directors of the company. He
received his B.S.-Engineering and MBA from the University of Michigan.
He resides in Brussels with his wife and three children. Profile
company, enough to place us in context for what you see as your company
today.
Mr. Swigart: The company that is now Virgin
