From Wikipedia :
John Casey expanded Braniff's capacity during the summer of 1981. An unforeseen strike by the Professional Air Traffic Controllers Organization (PATCO) caused delays and a decrease in traffic that created large losses for Braniff. Casey then implemented the Braniff Strikes Back Campaign in the fall of 1981, streamlining the carrier's air fare structure into a simplified two-tier fare system. As part of this campaign, some Boeing 727s were divided into Braniff Premier Service (traditional First Class service) and Coach Class. The remainder of the 727s were all-Coach Class with reduced fares. The campaign was not successful, pushing Braniff's bread-and-butter business travelers over to traditional airlines with First Class on all flights.
Howard Putnam becomes president
In the fall of 1981 Braniff Chairman John Casey was told by the Braniff Board that a new President needed to be found to try and curb Braniff's mounting losses. Casey met with Southwest Airlines President Howard A. Putnam and offered him the Braniff executive position. Putnam accepted the offer, but he required that his own financial manager from Southwest Airlines, Phillip Guthrie, be allowed to follow him to Braniff.
Howard Putnam implemented a one-fare-structure plan called the Texas Class Campaign. Texas Class created a one-fare, one-service airline domestically and removed First Class from all Braniff aircraft. Only flights to South America and London, and to Hawaii, would offer full First Class services. In the program's first month in operation, December 1981, Braniff's revenues dropped from slightly over 100 million USD per month to 80 million USD.
https://en.wikipedia.org/wiki/Branif...tional_Airways