 In October 1991, former Douglas Aircraft executive Russell Ray, Jr. was hired as Pan Am's new president and CEO.As part of this restructuring, Pan Am relocated its headquarters from the Pan Am Building in New York City to new offices in the Miami area in preparation for the airline's relaunch from both Miami and New York on November 1.The new airline would have operated approximately 60 aircraft and generated about $1.2 billion in annual revenues with 7,500 employees.