I once hired a college student for a summer job off his cover letter. Just called him up and said the job is yours if you want it.
I posted a short description of the job on the university job page. I got inundated with long lengthy creative writing letters talking about everything but the job I was posting from hundreds of students.
He went through the requirements on the short job posting and answered each one with a short sentence and paragraph in between.
I can work weekends.
I can lift 50lbs.
I can work outdoors.
I can start at 7am and work till 4pm.
I can drive a manual transmission.
My supervisor started talking to him on his first day and stole him for 75% of the summer. I had to hire another student... Still a bit sore over that one.
If I recall correctly something stupid high like 80% of their revenue from flights is from frequent travelers. These travelers are generally loyal to an airline because of the benefits from sticking with a network. I spent a year buying regular coach tickets and being upgraded to 1st class on all but 2 flights out of around 150 when I was traveling (I hit the top tier on the frequent traveler program)
The thing that this dumbass CEO is missing, is that these flyers are still on a budget and there is still some competition. The whales will swim away if you attempt to screw them over. This is why airlines have status matching programs for frequent travelers.