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U, Dumb & Dumber

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Well-known member
Jan 12, 2002
Executive Changes
US Airways Shuffles Pilots
Lisa DiCarlo, 11.27.01, 3:32 PM ET

NEW YORK - In general, chief executives don't resign when the getting is good. So today's departure of US Airways CEO Rakesh Gangwal is probably not a good sign that things are turning around for the airline.

The airline is in the midst of a massive Gangwal-led downsizing that it hopes will restore it to profitability. This summer, the CEO said US Airways (nyse: U - news - people ) would focus on regional travel and eliminate unprofitable routes. Gangwal has a reputation as a solid operations executive, but because of its consistently high costs, the company has struggled with profitability for a few years. In the third quarter, the airline lost $766 million, or $11.42 per share, on $2 billion in sales.

The official party line is that Gangwal is leaving to work in venture capital. He'll be replaced by Chairman Stephen Wolf. It's possible that Gangwal wanted to turn the airline around to try to maintain independence, and he may have clashed with Wolf, who seems to lean toward selling. US Airways' proposed merger with United Airlines (nyse: UAL - news - people ) was nixed by regulators in July.

Whatever the reason for Gangwal's sudden departure, it seems the company is further away from a turnaround.

Well, they finally got rid of Dumb (or was he Dumber). Now if they can just get rid of the other maybe they can salvage that sinking ship.

Just some thoughts from a former WO pilot.

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