US AIRWAYS ANNOUNCES THE RESIGNATION OF DAVID SIEGEL AS PRESIDENT AND CHIEF EXECUTIVE OFFICER
Board of Directors Names Bruce Lakefield Chief Executive
ARLINGTON, Va., April 19, 2004 -- The US Airways Group, Inc. (Nasdaq: UAIR) 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.