Siegel Resigns

[MarkMyWords]

I wonder if this will lead to the long awaited housing cleaning in the executive ranks in CCY? Perhaps Jerry and some of my other favorites will be right behind Dave. It sure would be a great first step in mending employee relations.

 

[Light Years]

HO


LY

Deleted

 

[etops1]

WOW,WOW,WOW
does anyone know anything about the new guy.

 

[nycbusdriver]

Im floored. I didn't think he would do it!

I doubt he had a choice in the matter.

 

[savyinvestor]

He left just in time. Stock is at $3.42 per share. Thanks Dave! Savy

 

[ua767fo]

So how many Millions of $$ is Bugsy Siegal legally stealing as he walks out the door?? Sickening.

DENVER,CO

 

[Peeky]

How much is that Golden Parachute worth that Seigel will collect???

Guess he'll get that house in SMX afterall

 

[DCAflyer]

So how many Millions of $$ is Bugsy Siegal legally stealing as he walks out the door?? Sickening.

DENVER,CO

That's my question. He said, during that televised fiasco, that he was not going to exercise that option. I just hope the board holds him to it.

 

[autofixer]

Is this "Red Tail"? Seagull gets the boot out the door and now has a red tail?

 

[nycbusdriver]

He was supposed to get $4.5 million if he left for any reason before April 30th. A few weeks back he swore he wouldn't take it, but if he was fired (likely) he probably will.

Doesn't matter. I've already got the champagne chilling!

 

[Fly]

Of course he's taking the money...of course. :angry:

 

[CLT-Douglas]

Maybe Siegel was sticking to his own words when he said stay but if something better comes your way, go ahead and quit. I read the CEO of McDonalds died of a sudden heart attack today. Maybe Siegel is hungry for a happy meal.

 

[Phoenix]

Now...

The new boss will be the same as the old boss.

Wolf had to leave because he could not milk anymore out of the employees. Seagull is leaving for the same reason.

Anyone think the new guy will not come with promises and an appeal to “trust me. I am different. Give me a chance to prove myself? If you believe he is here for any other reason than to milk you more, then you have a slow learning curve.

Cheers

DELETED BY Moderator

No worries he will be all over the board about how this will save the company if the pilots will just work with the new guy. (And utter doom if they don’t) Blah, blah, blah…

 

[DCAflyer]

From the Associated Press:

By MATTHEW BARAKAT, AP Business Writer

ARLINGTON, Va. - US Airways president and chief executive David Siegel, whose demands for cost cuts created animosity among union leaders, resigned Monday from the nation's seventh-largest airline.


He will be replaced by Bruce Lakefield, a member of US Airways' board of directors and a close ally of US Airways chairman David Bronner, who has enjoyed better relations with labor groups.


Siegel said his resignation 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."


Siegel led the company out of bankruptcy protection a year ago after a short eight-month stay in Chapter 11. The company cut costs by nearly $2 billion a year, including about $1 billion in concessions from labor groups.


But union groups were critical of Siegel's leadership. Late last year the Air Line Pilots Association (news - web sites) called for Siegel's resignation.


Shares in US Airways fell 16 cents, or 4 percent, to close at $3.42 on the Nasdaq Stock Market, before the news was released. They fell 3 cents in the extended session.

 

[firstamendment]

Of course he's taking the money...of course. :angry:

Fly,

"You really like us!! You really like us!!"

Seriously, thanks for the concern, but...now what? Kind of scarey. :unsure: