After his death in January 2019, airline tycoon and lawyer Herb Kelleher were estimated to have amassed a fortune of $2.5 billion. Herb Kelleher co-founded Southwest Airlines and served as its chairman and CEO in the past.
The airline flourished during his 20 years at the helm because of his focus on affordable prices and convenient point-to-point service. The Tony Jannus Award and the L. Welch Pogue Award for Lifetime Achievement in Aviation were only two of the many honors that Kelleher received for his work.
Southwest’s stock price climbed by more than 400% under Herb’s leadership between the company’s first public offering in 1982 and Herb’s death in 2001, and the company is often ranked among the top five Most Admired Corporations in America.
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What was Herb Kelleher’s Net Worth?
| Net Worth: | $2.5 Billion |
| Date of Birth: | Mar 12, 1931 – Jan 3, 2019 (87 years old) |
| Gender: | Male |
| Profession: | Lawyer, Businessperson |
| Nationality: | United States of America |
Herb Kelleher’s Early Life and Education
Herbert Kelleher was born in Camden, New Jersey on March 12, 1931. He spent his childhood in the neighboring neighborhood of Audubon. He attended Haddon Heights High School in that area.
Kelleher received his bachelor of arts in English from Wesleyan University in Middletown, Connecticut. He then attended the NYU School of Law, where he earned his Juris Doctor degree.
@corbydavidson Herb Kelleher Net Worth: Herb Kelleher is the co-founder, Chairman Emeritus, and former CEO of Southwest Airlines who has a net worth of $2.5 billion dollars. DAMN!
— Mike Lukawski (@mikelukawski) January 3, 2019
Herb Kelleher’s Career Beginnings in Law
Kelleher clerked for a justice of the New Jersey Supreme Court after completing his studies at New York University. He eventually settled in Texas, where he opened a law practice.
He joined Oppenheimer, Rosenberg, Kelleher & Wheatley as an equal partner in 1969.
Southwest Airlines Founding
One of Kelleher’s clients, industrialist Rollin King, inspired what would become Southwest Airlines in 1966. The original goal was to provide budget airline service between the three Texas cities. In 1967, Air Southwest Co.
was formed as a corporation. After that, for four years, Kelleher and King had to defend their business model in court from competitors who were upset that Southwest Airlines could offer such low rates because it flew almost entirely within the state of Texas and was therefore immune from certain restrictions.
In the early 1970s, the United States Supreme Court and the Supreme Court of Texas reached a joint decision in the consolidated cases. First operating as Southwest Airlines in 1971, the company’s initial routes served domestic routes within Texas, connecting the cities of Dallas, Houston, and San Antonio.
Southwest Airlines Success
In 1975, the company began serving additional cities in Texas, and by 1979, it was also providing service to neighboring states. During this time, Kelleher became the company’s chairman of the board. In 1981, he was appointed as CEO and president.
Under his leadership, Southwest achieved success through several unique features, including low passenger fares, the exclusive use of Boeing 737 aircraft in its fleet, and the employment of the point-to-point transit system.
In the 90s, the company began service to the American East. Due to its customer-focused model, Southwest has been consistently listed as among the most admired companies in the US in Fortune magazine’s annual poll.
Accolades and Honors
Kelleher was a successful businessman and pilot, and his efforts were recognized with more than a hundred awards and distinctions throughout his career.
In addition to the L. Welch Pogue Award for Lifetime Achievement in Aviation and the Bower Award for Business Leadership, he was also the recipient of the Tony Jannus Award for Outstanding Leadership in Commercial Aviation.
Kelleher was honored by induction into the International Air & Space Hall of Fame in San Diego, California, as well as the National Aviation Hall of Fame and the Texas Business Hall of Fame.
Herb Kelleher’s Personal Life and Death
Kelleher married Joan Negley, a woman he had a blind date with when they were both in college. When he first visited Texas, it was because of her. The couple raised four kids: Julie, Michael, David, and Ruth.
He was diagnosed with prostate cancer in 1999, but Kelleher was able to beat it with treatment. He was 87 years old when he died in early 2019 in Dallas, Texas.
