US Airways MEC public announcement

[aroundtheblock]

Though I don't have a link, here is the US Airways code a phone #. The U MEC makes a public announcement for the firing of U's CEO, Segal. Still a lot of problems over there.

 

[aroundtheblock]

oops, here's the #.... 1-800-for-alpa.

 

[B6Busdriver]

Dow Jones Business News
US Airways Pilots Call For Removal Of Siegel, Cohen
Tuesday December 16, 6:02 pm ET


WASHINGTON (Dow Jones)--US Airways Group Inc. (NasdaqNM:UAIR - News)'s pilots union is demanding the ouster of Chief Executive David Siegel and Chief Financial Officer Neal Cohen, saying they have failed to turn the airline around despite multiple rounds of union concessions.
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A US Airways representative wasn't immediately available for comment.

US Airways pilots' Master Executive Council Chair Bill Pollock said, "US Airways pilots have supported this management through two restructuring plans and our management still is unable to produce positive results."

"In bankruptcy, these senior executives had every tool, every advantage they needed, to turn the airline around -- yet they've failed," he said.

The union's call follows a third quarter in which the airline narrowed its loss to $90 million, or $1.69 a share, from $335 million, or $4.92 a share, while recording a 1.1% gain in revenue, to $1.77 billion.

The company emerged from bankruptcy in March.

"US Airways' labor costs already are at or below industry standards," said Pollock. "The problem is not labor -- the problems are high operating costs and low revenues resulting from failed business strategies."

"The concession window is closed for this management team," Pollock added.

The US Airways pilots' Master Executive Council is a unit of the Air Line Pilots Association (News - Websites) International.

US Air closed at $6.15, up 10, or 1.7%.

ALPA spokesman Jack Stephan said US Air is also in breach of its contract with the pilots union, which he said is entitled to regular updates on the company's financial position, per its June and December 2002 concession agreements.

He said the airline has yet to provide the requested financial reports, and the union is considering initiating legal proceedings to force contract compliance.

In a separate release Tuesday, US Air Chairman David Bronner responded to ALPA's call for a management change.

"The US Airways Board of Directors has complete confidence in the management team, and Dave Siegel in particular," he said. "It is regrettable that ALPA would suggest that a change in management is the solution, when this management team has done a remarkable job and earned the confidence of the investment community for their leadership in tackling difficult issues."

He continued, "ALPA's action does nothing to address the bigger issue of how we complete our restructuring and become a successful company, and ignores the fact that shareholders rely on management and union leaders to work together to solve problems, rather than looking for someone to blame."

-Andrew Wallmeyer; Dow Jones Newswires; 201-938-5400

 

[Networ-King]

bout time..... get em the heck out and put them in the same line as Uncle Leo.

 

[RichardFitzwell]

Didn't a very similar scenario play out with another major airline in the early '90s just before they went out of business?

 

[Frac Daddy]

I am no business genius, so could somebody explain to me why this brilliant management team rushed out of bankruptcy?

 

[Andy]

I am no business genius, so could somebody explain to me why this brilliant management team rushed out of bankruptcy?

UAIR had a contract with a credit card processing company that was about to expire. Had they stayed in chap 11 longer, they would have been unable to process passengers' credit card purchases. UAIR was unable to get the contract extended while in chap 11.
So, in a nutshell, they had no choice but to emerge from chap 11 when they did.

 

[DrunkIrishman]

"ALPA's action does nothing to address the bigger issue of how we complete our restructuring and become a successful company, and ignores the fact that shareholders rely on management and union leaders to work together to solve problems, rather than looking for someone to blame."

Kinda funny how management teams have blamed labor costs for their problems. Yet now that USAir is at or near the lowest operating cost, they don't want to point fingers.

I've got one finger I 'll point at USAir's management!