Edward Joseph Daly (November 22, 1922 – January 21, 1984) was a U.S. businessman most notable for his ownership of World Airways which he bought in 1950 and actively managed until 1982. Under his ownership, the airline was notable for humanitarian efforts that drew national attention during the Vietnam War, as well as its pioneering low fare and no-frills scheduled passenger airline service.
Early life
Daly was born to Edward Michael Daly and Elizabeth Grace in Chicago on November 22, 1922. His father, a firefighter, died when he was 15 years old. Daly helped support his family by working as an onion topper during the summers and managing a trucking firm while attending college. The trucking firm operated three tractors and five trailers when he sold it. He was a Golden Gloves boxer, developing skills that he would use in Vietnam. Daly rejected his image as a kid from the Chicago slums, though he admitted that the period after his father's death was one of financial difficulty.
He attended the University of Illinois, where he majored in biochemical engineering before he was drafted in 1941 to serve in World War II. Daly said it was just as well that he never completed his degree, because "I was the world's worst chemical engineer". Daly achieved the rank of sergeant in the Army and served in the Pacific theater. Some details about his military service that are mentioned yet not confirmed by other sources are that Daly was a technical sergeant, that he was based on either the Marshall Islands or on Saipan and Tinian (the Marianas Islands). and that he was injured, though how is not specified. .
Career
After his discharge from the Army in Los Angeles, Daly worked for six months as a bank teller at Security First National Bank. Deciding that banking was not for him, he worked for Scotty O'Carroll at Midway Airport in Chicago, where he was in charge of bookings for all non-scheduled airline flights and rose to become vice-president of the firm.
Airline
After a few years' experience, Daly left the charter company with a desire to own something of his own and in 1950, at age 26, he purchased a fledgling airline, World Airways, which at the time was mainly transporting military cargo. He purchased the airline for $50,000 from the Berkovich Steamship Company, though the source of the money is disputed. One story claims that he won the $50,000 in a poker match. Daly, however, denied this story, because his favorite game was Gin rummy. Another more probable narrative is that he borrowed the money from a small trucking company. In the end, Daly paid little for an airline that he managed successfully and which produced millions of dollars of profit. To illustrate how little he paid for World Airways, Daly later bought an old military surplus plane for $75,000 which he then sold for $175,000. The airline's chief asset was its rights to fly commercial aircraft, and Daly established a name for himself in the commercial aviation industry. He also founded National Air Freight Forwarding Inc., the first air freight forwarding company in the world.
He is noted in particular for his concept of "no-frills" flights. His battle against the Civil Aeronautics Board for deregulation of supplemental air carriers earned him a term as leader of their trade association and their chief spokesman. His other large business venture was First Western Bank and Trust Company. Daly sold the bank in 1974 to Lloyd's Bank of London for $115 million in cash. Meanwhile, he kept control of World Airways through his ownership of 80% of its stock.