SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 15, 1997
Vanguard Airlines, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-27034 48-1149290
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
30 N.W. Rome Circle, Mezzanine Level, Kansas City International Airport,
Kansas City, Missouri 64153
(Address of principal executive offices including zip code)
Registrant's telephone number, including area code (816) 243-2100
Page 1 of 6
Exhibit at Page 6
<PAGE>
Item 5. Other Events.
Effective June 15, 1997, John P. Tague resigned from
his positions as Chairman of the Board of Directors, Chief
Executive Officer and President of Vanguard Airlines, Inc. (the
"Company"). The Board of Directors has named Robert J. Spane as
Chairman of the Board of Directors, Chief Executive Officer and
President of the Company. Mr. Spane has been a director the
Company since May 30, 1996.
The Company issued a press release on June 18, 1997,
announcing the resignation of John P. Tague as Chairman, Chief
Executive Officer and President, a copy of which is attached
hereto as Exhibit A.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this Report to be
signed on its behalf by the undersigned hereunto duly authorized,
in the City of Kansas City, State of Missouri, on June 19, 1997.
VANGUARD AIRLINES, INC.
/s/ Robert J. Spane
___________________________
Robert J. Spane
Chairman of the Board,
President and Chief
Executive Officer
<PAGE>
EXHIBIT A
NEWS RELEASE
June 18, 1997
VANGUARD AIRLINES
30 NW Rome Circle
June 18, 1997
Kansas City International Airport
Kansas City, MO 64153
(816) 243-2100
For Immediate Release Contact: Randy Smith
(816) 243-2113
VANGUARD AIRLINES ANNOUNCES THE RESIGNATION
OF
JOHN P. TAGUE AND APPOINTMENT OF
ROBERT J. SPANE AS CHIEF EXECUTIVE OFFICER
Kansas City, MO -- Vanguard Airlines, Inc. ("Vanguard" or the
"Company") (OTC:VNGD) announced today that John P. Tague resigned
as Chairman of the Board, Chief Executive Officer and President
of the Company, effective June 15, 1997.
Vanguard Airlines' Board of Directors has named Robert J. "Rocky"
Spane as Chairman of the Board of Directors, Chief Executive
Officer and President of the Company. Mr. Spane currently is a
Director of the Company; and as a Director, Mr. Spane has been
actively involved with the Company's flight crews and maintenance
operations. Mr. Spane also served on the Board of Directors of
Air South Airlines, Inc. ("Air South") until June 15, 1997, when
he resigned in order to concentrate on his expanded
responsibilities at Vanguard Airlines.
<PAGE>
Mr. Spane retired from the U.S. Navy after 34 years at the rank
of Vice Admiral. His last position was Commander, Naval Air Force
Pacific. In this capacity he was responsible for the finances,
training, logistics and the material condition of all aircraft,
aircraft carriers, and naval air stations in the Pacific. Mr.
Spane is a graduate of the U.S. Naval Academy, the Naval Post
Graduate School (M.S. in Operations Research), and the Naval
Nuclear Power Program. He commanded two aircraft carriers,
including the U.S.S. Enterprise, and an Aircraft Carrier
Battlegroup in Operation Desert Storm.
Mr. Spane said, "I am very enthusiastic about the opportunity to
lead Vanguard Airlines. Vanguard is composed of highly competent
and dedicated individuals whose aim is to provide outstanding
service for our customers. I am extremely pleased to be taking
the "helm" of an organization with such a high level of energy
and professionalism."
Mr. Tague said, "I am very happy to have been part of the
rebuilding and repositioning of Vanguard as Kansas City's
hometown airline. I am pleased to pass leadership of the Company
into Mr. Spane's capable hands. I anticipate a smooth transition
given Mr. Spane's involvement as a Director of the Company and
specific project work done by Mr. Spane for Vanguard Airlines."
Mr. Spane added, "We are grateful for John's efforts during the
last eight months in restructuring and rebuilding Vanguard
Airlines and positioning the Company for future growth. We have
made great progress and we plan to continue down the path that
Mr. Tague helped engineer."
This press release contains forward-looking statements that
involve risks and uncertainties. The actual results may differ
significantly from those currently anticipated. Factors that may
cause such differences include, but are not limited to, general
economic conditions, cost of jet fuel, the occurrence of events
involving other low-cost carriers, potential changes in
government regulation of airlines or aircraft, and actions taken
by other airlines, particularly with respect to scheduling and
pricing in the Company's current or future routes.
Vanguard Airlines, which began service in December 1994 and is
headquartered in Kansas City, is a low-price, passenger airline
providing convenient, scheduled jet service. Vanguard serves the
following 13 cities: Atlanta, Chicago-Midway, Dallas/Ft. Worth,
Denver, Des Moines, Kansas City, Las Vegas, Los Angeles,
Minneapolis/St. Paul, Orlando, San Francisco, Tampa/St.
Petersburg and Wichita. Vanguard will discontinue service to
Wichita on June 23, 1997. The Company employs approximately 500
people and currently operates a fleet of seven aircraft
consisting of six Boeing 737-200s and one Boeing 737-300. In the
first half of June, the Company will take delivery of a hush-kitted
Boeing 737-200, which will replace a Boeing 737-300 that
the Company returned to its lessor on May 15, 1997. The Company
will return its remaining Boeing 737-300 aircraft in mid-July
1997. The Company is currently evaluating opportunities to
replace this aircraft.
