Richard Jesse Ferris (August 31, 1936 – January 16, 2022) was an American business executive who was the CEO of UAL Corporation, the former holding company of United Airlines, and was later the co-owner of the Pebble Beach Golf Links in Monterey County, California.
The strike itself was prompted by UAL's demand for a two-tier wage structure, in which newly hired pilots would earn less than current employees.
The move was intended to act as a deterrent against hostile takeovers but instead ended up offending its shareholders over dilution of their existing shares.
[1] The conglomerate did not result in the intended synergies and a takeover bid was mounted by the company's pilot union for $4.5 billion.
The board agreed to disband the conglomerate and undertake a restructuring effort in 1987, resulting in the sale of the Hilton Hotels and Hertz rental car businesses.
[5] Ferris partnered with Ueberroth, actor Clint Eastwood, and golfer Arnold Palmer to buy the Pebble Beach Company, which owned resorts and golf courses including Pebble Beach Golf Links, from Japanese investors at the Sumitomo Bank and Taiheiyo Club.
[1] Ferris was an avid golfer and took part in golf tournaments as late as in 2021, when he was already diagnosed with amyotrophic lateral sclerosis (ALS) and his condition had rapidly deteriorated.