I recall reading this story in the Alaska Airlines magazine a while ago.
The advertising company hired by Alaska Airlines to create a new corporate image, could not come up with anything particularly innovative and threw in the picture with the logo, as a last attempt to meet their client's brief.
The board loved it and it has provided one of the most unique corporate identities in Aviation, even though everyone is still debating what it represents! (Including everyone in Alaska)!
I will find out who, if anyone, the picture represents, from my mates there.
Check out some photos of Alaska at work:
http://www.juneauphotos.com/