In 1981, Texas Air Corporation, an airline holding company controlled by U.S. aviation entrepreneur Frank Lorenzo, acquired Continental after a contentious battle with Continental's management who were determined to resist Lorenzo. Management teamed with unions to create a planned Employee Stock Ownership Plan (ESOP) that would have doubled the number of outstanding shares without shareholder approval, thus diluting Texas Air's ownership stake and maintaining control of the airline. But management lost the legal battle to enact the ESOP without shareholder approval and with its 48.5 percent ownership stake, Texas Air could win any shareholder vote. During this struggle, in August 1981, Continental Airlines CEO Alvin Feldman died from suicide in his office and was succeeded by George Warde. In three letters left to his children, Feldman said he had been depressed since the death of his wife the previous year. Lorenzo became Continental Chairman and CEO in March 1982. He and his team viewed the company as stuck in the pre-deregulation era and in need of serious changes to be competitive. Continental was experiencing significant financial challenges both before and after Texas Air's takeover, and management showed how Continental could not compete and survive with its cost structure. The pilots union agreed to some cost reductions in mid-1982, primarily through modest productivity improvements, but there was no progress with the other unions. On October 31, 1982, following approval by shareholders of both companies, Continental merged operations with Texas International, retaining the Continental identity and offering service to four continents (North and South America, Asia and Australia) with a fleet of 112 aircraft. Continental launched its frequent flyer program, initially called Travel Bank, in September 1982, following that of Texas International Airlines in 1979, which was the industry's first frequent flyer program, and American Airlines AAdvantage program in 1981. In mid-1983, Continental relocated its headquarters to Texas International's base in Houston, Texas, which resulted in a large expansion of its hub at Houston Intercontinental Airport and extensive new routes to Mexico and the south central U.S.