In the 1980s and early 1990s, Continental Airlines had a spotty track record. The airline twice filed for bankruptcy, realized diminished performance culminating in a $613 million loss in 1994, and was ranked dead last in industry indicators such as on-time performance among the major carriers. During these years, employees at Continental had undergone several series of layoffs and withstood both wage cuts and delayed wage increases in an effort to slash Continental's costs. The result of these efforts was a demoralized workforce and a corporate reputation that put Continental near the top of Fortune's list of "least admired" companies. Despite this history, things took a positive turn for the airline in 1994 with the arrival of Gordon Bethune, Continental's new CEO, and the company appeared to make a 180-degree turn and became a highly productive and profitable carrier. Indeed, all indications showed that Continental got back on track. For instance, in 1996, the carrier was number 1 in on-time performance for the first time ever and was highly ranked in baggage handling. Customer complaints went down more than 60 percent, and Continental gained the distinction of being the Number 1 airline in customer satisfaction among the major U.S. carriers