| Category | Information |
|---|---|
| Net Worth | $2.5 billion at the time of his death in January 2019 |
| Salary | N/A |
| Birthdate | March 12, 1931 |
| Birthplace | Camden, New Jersey |
| Gender | Male |
| Height | N/A |
| Profession | Airline Businessman, Lawyer |
| Nationality | American |
Table of Contents
- What was Herb Kelleher’s Net Worth?
- Highlights
- Early Life
- Career
- Southwest Airlines Founding
- Southwest Airlines Success
- Personal Life and Death
- Net Worth Over Time
- Components of Net Worth
What was Herb Kelleher’s Net Worth?
Herb Kelleher was a billionaire airline businessman and lawyer who had a net worth of $2.5 billion at the time of his death in January 2019. Herb Kelleher was the co-founder, Chairman Emeritus, and former CEO of Southwest Airlines. Under his two decades of leadership, the airline achieved success through a strategy of low fares and point-to-point transit, among other notable features.
Highlights
– Herb Kelleher had a net worth of $2.5 billion at the time of his death in January 2019.
– He was the co-founder, Chairman Emeritus, and former CEO of Southwest Airlines.
– Southwest Airlines achieved success through a strategy of low fares and point-to-point transit.
– Kelleher won several awards for his accomplishments, including the Tony Jannus Award and the L. Welch Pogue Award for Lifetime Achievement in Aviation.
– Southwest Airlines consistently ranked among the top five Most Admired Corporations in America.
– Southwest Airlines stock price increased over 4,000% under Kelleher’s leadership between its IPO in 1982 and his death.
Early Life
Herbert Kelleher was born on March 12, 1931, in Camden, New Jersey. He grew up in the borough of Audubon and attended Haddon Heights High School. Kelleher then went on to pursue higher education at Wesleyan University in Middletown, Connecticut, where he graduated with a bachelor’s degree in English. He later obtained his JD from the New York University School of Law.
Career
After completing his education, Kelleher clerked for a New Jersey Supreme Court justice. He then relocated to Texas with the aim of establishing a law firm. In 1969, he became a partner in Oppenheimer, Rosenberg, Kelleher & Wheatley.
Southwest Airlines Founding
In 1966, Kelleher and businessman Rollin King, one of his legal clients, founded the concept that would later become Southwest Airlines. Initially, their plan was to provide low-cost air service connecting the Texas Triangle. The company was incorporated as Air Southwest Co. in 1967. However, they faced legal challenges from competitors for several years before resolving the lawsuits in the early 70s. In 1971, the company officially became Southwest Airlines and started its intrastate flights between Dallas, Houston, and San Antonio.
Southwest Airlines Success
Under Kelleher’s leadership, Southwest Airlines expanded its reach to additional cities in Texas in 1975 and began serving adjacent states in 1979. Kelleher became the company’s chairman of the board and was appointed as CEO and president in 1981. The airline achieved success by offering low passenger fares, exclusively using Boeing 737 aircraft in its fleet, and employing the point-to-point transit system. Southwest Airlines consistently ranked among the most admired companies in the US.
In 2001, Kelleher stepped down as CEO and president of Southwest Airlines but remained as chairman. He later resigned as chairman in 2008 and from the board of directors. Kelleher was subsequently named chairman emeritus and remained with the company until his passing in 2019. Southwest Airlines continues to thrive today, operating flights to more than 100 destinations across the US, Mexico, Central America, and the Caribbean.
Personal Life and Death
Herb Kelleher was married to Joan Negley, whom he met on a blind date while they were college students. They had four children named Julie, Michael, David, and Ruth. In 1999, Kelleher was successfully treated for prostate cancer. He passed away in early 2019 in Dallas, Texas, at the age of 87.
Net Worth Over Time
Herb Kelleher’s net worth was $2.5 billion at the time of his death in January 2019. Throughout his career, he built his wealth through his involvement with Southwest Airlines, which experienced significant growth and success under his leadership.
Components of Net Worth
Herb Kelleher’s net worth primarily comprised his ownership stake in Southwest Airlines. As the co-founder and former CEO of the company, his wealth grew as the airline’s stock price increased. Additionally, Kelleher may have had investments and other business ventures that contributed to his overall net worth.
In conclusion, Herb Kelleher was a highly successful airline businessman and lawyer who played a significant role in the growth and success of Southwest Airlines. With a net worth of $2.5 billion at the time of his death, Kelleher’s contributions to the aviation industry and his business acumen were widely recognized. His leadership at Southwest Airlines and the implementation of innovative strategies solidified the company’s position as one of the most admired corporations in America.
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