Doug Parker Wants to Fly Delta

Doug Parker is nothing if not practical. The now-44-year-old airline executive assumed the top spot at struggling America West Airlines in 2001, just before September 11. During the difficult weeks that followed, Parker jumped on a government offer to provide low-cost financing to keep his airline aloft and began charging passengers for meals, a first in the industry. By last year, Parker's company was not just a survivor—it was an acquirer, snapping up much-larger US Airways Group (LCC) in bankruptcy court.

Now, Parker hopes to repeat that trick with a hostile, $8 billion offer for bankrupt Delta Air Lines (DALRQ). As Parker told investors after announcing his offer on Nov. 15, the airline industry remains highly fragmented. No airline has more than a 20% share and his, the sixth largest, is about half the size of rival AMR, parent of American Airlines (AMR).