CONTINENTAL NAMES NEW CHIEF

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August 12, 1981, Section D, Page 1Buy Reprints
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George A. Warde, who joined Continental Air Lines less than two weeks ago as president and chief operating officer, was named to the added job of chief executive today at a somber meeting of the company's board. He succeeds Alvin L. Feldman, who was found dead Sunday in his office, an apparent suicide.

Robert F. Six, who had handpicked Mr. Feldman as his successor, was named to Mr. Feldman's position as chairman of the executive committee, signaling that the 74-year-old founder of Continental will be keeping a watchful eye on the transition to the management of Mr. Warde, a former president of Eastern Airlines who started as a mechanic and rose to top positions in the airline industry and in aircraft manufacturing.

Mr. Warde said that the board, at its meeting today, held out little hope for the success of an employee stock ownership plan designed to give Continental's employees control of the airline as a means of averting a takeover of the carrier by Texas International Airline.

Noting that nine banks had withdrawn their commitments over the weekend to loan the employees $185 million to purchase newly issued shares, Mr. Warde said at a news conference: ''We polled our board and as far as we're concerned we don't think ESOP - Employee Stock Ownership Plan - can fly without the bank financing.'' He added that alternatives would be considered to achieve a similar plan.

Mr. Six, one of the last of the industry's pioneers, was expected to retire next year after 46 years at Continental. But today, he indicated that Continental's problems might result in his taking more responsibility until Continental's new management was in place.

''The new delegation of responsibilities will allow us to develop a program that will move the company forward from the void left by the untimely death of Al Feldman,'' Mr. Six said after the board meeting.

Mr. Warde, who is 59, takes over the nation's ninth-largest airline at a critical juncture. Last week, the Civil Aeronautics Board approved the takeover of Continental by Texas International, which owns 48.5 percent of Continental's stock.

At today's board meeting, Continental's 13 directors, including Mr. Feldman, were to have made plans for Continental's future as well as elect Mr. Warde to the board, which they did. The board met through the lunch hour, but announced no strategy for Continental when the meeting broke up. Industry analysts speculated that the board might be waiting to see what Texas International did next and to give Mr. Warde time to size up his position and new job. Skillful Surgeon at Frontier

Mr. Warde was brought to Continental to handle operations while Mr. Feldman took on the responsibility of restructing the troubled airline. The reshaping had been Mr. Feldman's job. A skillful surgeon at Frontier Airlines, Mr. Feldman had successfully pared the regional carrier's operations while building its reputation. He was in the midst of doing the same for Continental, which last year lost $20.7 million on revenues of $992 million. In the first half, Continental lost $34.7 million on revenues of $496.7 million.

Mr. Warde was selected because it was hoped that he would bring an even hand to Continental's daily operations. After graduating from the University of Alabama, he started his career at American Airlines in 1940 as an apprentice mechanic. In 1950, he left American to join Pan American World Airways as superintendent of line maintenance before returning to American in 1960, where he moved up the ranks, eventually becoming president and chief operating officer in 1972, a post he held about one year.

In 1974 the Chicago-born aeronautical engineer left corporate life to become a consultant for the Federal Government and for a number of aircraft makers and airlines, including Airbus Industrie, the European consortium. In 1975, he joined Airbus, where he had a successful career selling the Airbus to foreign and American carriers, including Eastern Airlines. When he left Airbus to join Continental this year, Mr. Warde was senior vice presidentcommercial and a member of the Airbus board of directors.