I think in just about any business the low cost competitor is always going to have an advantage.

Second, we have to make the most of the strengths we have, the amenities that many of our competitors cannot replicate. But again, those advantages won't mean much if we don't do a great job with the basics of our business.

At American Airlines, we have built a business around the love of travel that has lasted three quarters of a century. And I'm pretty sure we're just getting started.

But I don't think the popularity of flying has diminished a bit.

The executive moves we are announcing today will strengthen American for the long-term future and reflect well on the depth of the Company's management team.

We have, unlike many of our competitors, continued to meet our various financial obligations.

However, the economics of our business continued to deteriorate. We barely escaped bankruptcy a year ago, and in the aftermath of that escape we had to make some even tougher decisions.