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: November 22, 1996
Commission File Number 0-27238
Western Pacific Airlines, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 86-0758778
(State or other jurisdiction (I.R.S. employer
of incorporation or organization) identification number)
2864 South Circle Drive, Suite 1100
Colorado Springs, Colorado 80906
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (719) 579-7737
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Item 5 - Other Events
The Company issued a press release on November 21, 1996 announcing the
appointment of Robert A. Peiser as the Company's President and Chief Executive
Officer. (See full text of November 21, 1996 press release below.) The
Company had previously issued a press release on November 15, 1996, announcing
a planned leadership expansion, setting the stage for the November 21, 1996
announcement. (See full text of November 15, 1996 press release set forth
below.)
Major stockholders and affiliates of the Company filed a Form 13G/A on
November 19, 1996 relating to a transaction entered into with other major
shareholders of the Company.
FULL TEXT OF PRESS RELEASES:
WESTERN PACIFIC NAMES PEISER PRESIDENT/CEO
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November 21, 1996:COLORADO SPRINGS, CO: The board of directors of Western
Pacific Airlines (NASDAQ:WPAC) announced today the appointment of widely
respected airline executive Robert A. Peiser as its president and chief
executive officer. He joins Western Pacific in those positions following
Edward R. Beauvais, who announced last week his plans to retain his duties as
chairman of Western Pacific while relinquishing day-to-day operating
responsibilities of the airline.
Peiser has served in various capacities at TWA for more than 12 years. Most
recently, he served as executive vice president and chief financial officer of
Trans World Airlines, where he was widely recognized as the architect of
TWA's successful financial restructuring.
"The addition of Robert Peiser to Western Pacific's management team is a
major step forward for this company," Beauvais explained. "Western Pacific
has made great strides since its launch 18 months ago. To build on our
success and remain competitive in today's challenging marketplace, we need the
kind of leadership a top executive like Bob Peiser can provide. I welcome him
wholeheartedly. Bob is the right man for the job and this is the right time
to broaden Western Pacific's management base."
"Bob will enhance the entrepreneurial spirit with which Ed Beauvais forged
this airline and has a proven track record in the airline management arena"
said Ivan Irwin, a member of the Western Pacific board of directors. "This is
a very competitive industry, and Bob Peiser has the talent and experience to
build on Western Pacific's accomplishments and position this company for
profitable growth that will provide maximum value to our shareholders."
Peiser is often referred to as a "turnaround" specialist. "Much of my
past success was based on re-positioning struggling companies." Peiser said.
"However, with Western Pacific, I am joining an organization with superb
resources and a strong balance sheet. I look forward to implementing
strategies which will accelerate the development of this airline and maximize
its competitive pressure in every market it serves."
Peiser brings extensive management experience from a broad base of industries
including telecommunications, retail, citrus-processing and pharmaceuticals.
Peiser comes to Western Pacific from FoxMeyer Drug Company where he was vice
chairman and chief executive officer. He also has held executive positions
with Bahadur, Balan & Kazerski, Orange-co., Inc., Borman's Inc., ALC
Communication Corporation, Hertz Corporation and RCA Corporation.
Based in Colorado Springs, Western Pacific was founded in 1995 as a low-cost
airline serving western U.S. markets. In only 18 months, the airline has
grown into a national carrier that currently serves 23 cities with a young,
fuel efficient fleet of Boeing 737-300's.
WESTPAC PREPARES FOR GROWTH
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November 15, 1996: COLORADO SPRINGS, Colo. -- Western Pacific Airlines
(NASDAQ:WPAC) today announced a plan for leadership expansion "that will help
speed our transition from a successful startup operation to an airline that
will fulfill its promise as a strong, stable competitor in the airline
industry," said Edward R. Beauvais, Westpac Chairman, President and CEO.
Beauvais said that the company's Board of Directors has implemented a search
to recruit a seasoned airline executive to assume the day-to-day operating
responsibilities of the airline as President and CEO. Beauvais will retain
his duties as Chairman of Westpac as well as Chairman of Mountain Air Express,
Inc., Westpac's subsidiary that will soon begin serving points in Colorado.
He will also continue to lead the company's Colorado Springs airport expansion
project and the new Boeing aircraft deliveries in 1997.
"There is no doubt that much of the credit for our rapid growth in such a
short period of time is due to Ed Beauvais and the team he assembled to start
this airline in April of 1995," said Ivan Irwin, a member of the Westpac Board
of Directors. "Our focus now needs to be on taking the success we have had
and building on that base to ensure we remain effective competitors in an
ever-changing environment and provide maximum value to our shareholders."
"Our strategy has always been to have a strong management team in place for
every phase of our growth," said Irwin. "We've enjoyed a great beginning, we
have excellent resources in place and a strong balance sheet, and we expect a
smooth transition to the next level."
To ensure that smooth transition, Irwin said that Board member John S . Lancy
has offered to create a vacancy on the Board for the new CEO by agreeing to
resign as a Board member and its Vice Chairman. Lancy has resigned as general
counsel; he will assist the Board in procuring new outside general counsel and
will remain available for completing ongoing projects.
"Mr. Lancy's efforts on behalf of the company in its formative stages have
been invaluable and have contributed significantly to our many successes,"
said Beauvais. "As our operations now require the addition of a full-time
airline operating executive, John can be relieved to return to his law
practice in Phoenix with our gratitude."
Irwin noted that all other senior management will remain in place and will
continue to serve at the discretion of the new CEO.
"Evolution and renewal will continue to be the rule more than the exception
throughout this industry in the years to come," said Beauvais. "I'm looking
forward to broadening our management team, which will allow me to put my
talents to their best use, which is in growing the business."
Based in Colorado Springs, Western Pacific was founded in 1995 as a low-cost
airline serving western U.S. markets. In only 18 months, the airline has
grown into a national carrier that currently serves 23 cities with a young,
fuel efficient fleet of Boeing 737-300s.
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Signatures
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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, thereunto duly authorized.
WESTERN PACIFIC AIRLINES, INC.
By:/s/ EDWARD R. BEAUVAIS
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Edward R. Beauvais
Chairman
Date: November 22, 1996.
