DaveyDave
Chosen One
- Joined
- Dec 16, 2002
- Posts
- 26
*** CEO Dave Siegel Resigns ***
US Airways Announces the Resignation of David Siegel as
President and Chief Executive Officer
Monday April 19, 5:35 pm ET
Board of Directors Names Bruce Lakefield Chief Executive
ARLINGTON, Va., April 19 /PRNewswire-FirstCall/ -- The US
Airways Group, Inc. (Nasdaq: UAIR - News) Board of Directors
today announced the resignation of President and Chief Executive
Officer David N. Siegel, effective immediately.
Bruce R. Lakefield, chairman of the Board of Directors' Finance
and Strategy, and Human Resources committees has been named the
chief executive officer, effective immediately.
Siegel said his decision to exercise his contractual rights to
resign reflects a "belief that my leaving is in the best
interests of the company, as management seeks to secure the
necessary changes to make the airline competitive."
"I have great affection for the airline and its outstanding
employees, and I want to see the company succeed. Unfortunately,
the past two years have been difficult for all of us, and I
believe our ability to move forward and make additional changes
require a change in leadership," Siegel said. "I hope that
today's announcement is the first step in a healing process that
will enable the company to complete its restructuring."
Dr. David G. Bronner, US Airways chairman, complimented Siegel's
leadership of the company. "Dave has done an admirable job
leading the company through a critical period, securing
necessary cost cuts and new financing, making the tough
decisions that needed to be made in a restructuring, and
building a business plan that has put the company back on the
right path. We accept his resignation with regret, but share his
view that this should be the start of a healing process for
labor and management."
"The Board is fully committed to seeing this company thrive, but
there are many difficult decisions that still confront the
Board, the management team, and the employees," said Bronner.
"Bruce Lakefield is an experienced and seasoned executive who
will work tirelessly for the airline and its customers, business
partners and financial backers, employees and shareholders. They
all should embrace the fact that we recognize that the airline
marketplace has changed dramatically, and that we are
confronting those realities, rather than hoping they will go
away."
Lakefield, 60, served as chairman and CEO of Lehman Brothers
International from 1995 to 1999, when he retired. He has served
as a senior advisor to the Investment Policy Committee of HGK
Asset Management since 2000, and also serves as a non-executive
director of Constellation Corp., PLC.
Certain of the information contained herein should be considered
"forward- looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, that reflect the
company's current views with respect to current events and
financial performance. Such forward-looking statements are and
will be, as the case may be, subject to many risks,
uncertainties and factors relating to the company's operations
and business environment which may cause the actual results of
the company to be materially different from any future results,
express or implied, by such forward-looking statements. Factors
that could cause actual results to differ materially from these
forward-looking statements include, but are not limited to, the
following: the ability of the company to operate pursuant to the
terms of its financing facilities (particularly the financial
covenants); the ability of the company to obtain and maintain
normal terms with vendors and service providers; the company's
ability to maintain contracts that are critical to its
operations; the ability of the company to fund and execute its
business plan; the ability of the company to attract, motivate
and/or retain key executives and associates; the ability of the
company to attract and retain customers; the ability of the
company to maintain satisfactory labor relations; demand for
transportation in the markets in which the company operates;
economic conditions; labor costs; financing availability and
costs; aviation fuel costs; security-related and insurance
costs; competitive pressures on pricing (particularly from
lower-cost competitors) and on demand (particularly from
low-cost carriers and multi-carrier alliances); weather
conditions; government legislation and regulation; impact of the
Iraqi war and the Iraqi occupation; other acts of war or
terrorism; ongoing market acceptance of the company's new common
stock; and other risks and uncertainties listed from time to
time in the company's reports to the United States Securities
and Exchange Commission. There may be other factors not
identified above of which the company is not currently aware
that may affect matters discussed in the forward-looking
statements, and may also cause actual results to differ
materially from those discussed. The company assumes no
obligation to update such estimates to reflect actual results,
changes in assumptions or changes in other factors affecting
such estimates other than as required by law.
Source: US Airways Group, Inc.
US Airways Announces the Resignation of David Siegel as
President and Chief Executive Officer
Monday April 19, 5:35 pm ET
Board of Directors Names Bruce Lakefield Chief Executive
ARLINGTON, Va., April 19 /PRNewswire-FirstCall/ -- The US
Airways Group, Inc. (Nasdaq: UAIR - News) Board of Directors
today announced the resignation of President and Chief Executive
Officer David N. Siegel, effective immediately.
Bruce R. Lakefield, chairman of the Board of Directors' Finance
and Strategy, and Human Resources committees has been named the
chief executive officer, effective immediately.
Siegel said his decision to exercise his contractual rights to
resign reflects a "belief that my leaving is in the best
interests of the company, as management seeks to secure the
necessary changes to make the airline competitive."
"I have great affection for the airline and its outstanding
employees, and I want to see the company succeed. Unfortunately,
the past two years have been difficult for all of us, and I
believe our ability to move forward and make additional changes
require a change in leadership," Siegel said. "I hope that
today's announcement is the first step in a healing process that
will enable the company to complete its restructuring."
Dr. David G. Bronner, US Airways chairman, complimented Siegel's
leadership of the company. "Dave has done an admirable job
leading the company through a critical period, securing
necessary cost cuts and new financing, making the tough
decisions that needed to be made in a restructuring, and
building a business plan that has put the company back on the
right path. We accept his resignation with regret, but share his
view that this should be the start of a healing process for
labor and management."
"The Board is fully committed to seeing this company thrive, but
there are many difficult decisions that still confront the
Board, the management team, and the employees," said Bronner.
"Bruce Lakefield is an experienced and seasoned executive who
will work tirelessly for the airline and its customers, business
partners and financial backers, employees and shareholders. They
all should embrace the fact that we recognize that the airline
marketplace has changed dramatically, and that we are
confronting those realities, rather than hoping they will go
away."
Lakefield, 60, served as chairman and CEO of Lehman Brothers
International from 1995 to 1999, when he retired. He has served
as a senior advisor to the Investment Policy Committee of HGK
Asset Management since 2000, and also serves as a non-executive
director of Constellation Corp., PLC.
Certain of the information contained herein should be considered
"forward- looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, that reflect the
company's current views with respect to current events and
financial performance. Such forward-looking statements are and
will be, as the case may be, subject to many risks,
uncertainties and factors relating to the company's operations
and business environment which may cause the actual results of
the company to be materially different from any future results,
express or implied, by such forward-looking statements. Factors
that could cause actual results to differ materially from these
forward-looking statements include, but are not limited to, the
following: the ability of the company to operate pursuant to the
terms of its financing facilities (particularly the financial
covenants); the ability of the company to obtain and maintain
normal terms with vendors and service providers; the company's
ability to maintain contracts that are critical to its
operations; the ability of the company to fund and execute its
business plan; the ability of the company to attract, motivate
and/or retain key executives and associates; the ability of the
company to attract and retain customers; the ability of the
company to maintain satisfactory labor relations; demand for
transportation in the markets in which the company operates;
economic conditions; labor costs; financing availability and
costs; aviation fuel costs; security-related and insurance
costs; competitive pressures on pricing (particularly from
lower-cost competitors) and on demand (particularly from
low-cost carriers and multi-carrier alliances); weather
conditions; government legislation and regulation; impact of the
Iraqi war and the Iraqi occupation; other acts of war or
terrorism; ongoing market acceptance of the company's new common
stock; and other risks and uncertainties listed from time to
time in the company's reports to the United States Securities
and Exchange Commission. There may be other factors not
identified above of which the company is not currently aware
that may affect matters discussed in the forward-looking
statements, and may also cause actual results to differ
materially from those discussed. The company assumes no
obligation to update such estimates to reflect actual results,
changes in assumptions or changes in other factors affecting
such estimates other than as required by law.
Source: US Airways Group, Inc.
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