Herb Kelleher Net Worth: How Much Money Does He Leave behind?

Herb Kelleher Net Worth: Herb Kelleher was an American airline businessman who amassed a billion dollars in wealth and also worked as a lawyer. Up to his passing in 2019, he was Southwest Airlines’ co-founder, then CEO, and chairman emeritus. Until that, he served in those roles.

In addition, Kelleher was presented with a variety of accolades in recognition of his achievements, such as the Tony Jannus Award and the L. Welch Pogue Award for Lifetime Achievement in Aviation, amongst others. In the next paragraph, Herb Kelleher Net Worth has been revealed.

Herb Kelleher Net Worth

At the time of his passing in January 2019, Herb Kelleher was a multibillionaire airline entrepreneur and lawyer with a net worth of $2.5 billion. Southwest Airlines’ former CEO, co-founder, and chairman emeritus was Herb Kelleher. The airline prospered throughout his two decades of leadership thanks to a strategy that included low prices and point-to-point travel, among other noteworthy aspects.

For his achievements, Kelleher received several honors, including the Tony Jannus Award and the L. Welch Pogue Award for Lifetime Achievement in Aviation. Southwest has continuously been ranked among the top five Most Admired Companies in America, and Herb was the driving force behind a stock price growth of over 4,000% from the time of its IPO in 1982 until the time of Herb’s passing.

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Herb Kelleher Early Years

Herbert Kelleher was born on March 12th, 1931 in Camden, New Jersey, and was raised in the Audubon borough. He attended Haddon Heights High School in that location. Kelleher pursued his higher education at Wesleyan University in Middletown, Connecticut, where he earned a bachelor’s degree in English. He then completed his JD at the New York University School of Law.

Herb Kelleher Career Life

Herb Kelleher Net Worth

Career Starts In Law

Kelleher served as a law clerk for a justice of the New Jersey Supreme Court after graduating from NYU. After that, he moved to Texas with the goal of opening a legal company. He joined Oppenheimer, Rosenberg, Kelleher & Wheatley as a partner in 1969.

Herb Kelleher’s Role In The Creation Of Southwest Airlines

Southwest Airlines was created in 1966 by Kelleher and industrialist Rollin King, who was also one of his law clients. They first intended to provide a low-cost air service connection to the Texas Triangle. Incorporated in 1967 under the name Air Southwest Co. Following that, Kelleher and King were subjected to four years of legal disputes brought by their rivals who criticized the company’s business plan to offer inexpensive tickets by flying just within Texas while being free from a number of rules.

In the early 1970s, the US Supreme Court and Texas Supreme Court jointly decided the lawsuits. The firm started operating intrastate flights between Dallas, Houston, and San Antonio in 1971 under the name Southwest Airlines.

The Success Of Southwest Airlines

Southwest began covering neighboring states in 1979 after extending its service to more Texas towns in 1975. Kelleher rose to the position of chairman of the board for the business at this time. He was chosen to serve as CEO and president in 1981. Low passenger fares, the sole use of Boeing 737 aircraft in its fleet, and the utilization of the point-to-point transit system were just a few of the distinctive aspects that helped Southwest achieve success under his leadership.

The business started offering service to the American East in the 1990s. Southwest Airlines has continuously ranked among the most respected US firms in Fortune magazine’s annual survey because of its customer-focused business style. Kelleher left his positions as Southwest’s CEO and president in 2001, although he remained chairman.

Later, in 2008, he resigned from the board of directors and from his position as chairman. Kelleher later received the title of chairman emeritus and a desk in the corporate office of Southwest Airlines. He remained with the business until his demise in 2019. With flights to more than 100 locations around the US as well as Mexico, Central America, and the Caribbean, the firm is still successful today.

Various Positions

In 2011, Kelleher added the chair of the Federal Reserve Bank of Dallas’ board of directors to his list of professional roles. He was the deputy chair before that. The chairmanship of Kelleher ended in 2013.

Awards and Commendations Received By Herb Kelleher

Kelleher was recognized for his contributions to the fields of aviation and business with more than one hundred different awards and commendations during the course of his career. His most illustrious honors include the Tony Jannus Award for excellent leadership in the commercial aviation sector; the Bower Award for corporate leadership; and the L. Welch Pogue Award for Lifetime Achievement in Aviation.

All three of these honors are named after him. In addition to that, Kelleher was inducted into the Texas Business Hall of Fame, the National Aviation Hall of Fame, and the International Air & Space Hall of Fame in San Diego, California.

Herb Kelleher’s Private Life & Death

Kelleher wed Joan Negley, a woman he’d gone on a blind date with the back while they were both in college. She was the one who first showed him about Texas. Julie, Michael, David, and Ruth were their four offspring.

Kelleher was diagnosed with prostate cancer in 1999, but the disease was effectively treated. At the age of 87, he passed away in Dallas, Texas, in the first months of 2019.

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