Dave Davis Named Us Airways Cfo

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USFlyer

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Aug 19, 2002
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http://biz.yahoo.com/prnews/040503/dcm088_1.html

Press Release Source: US Airways


Dave Davis Named US Airways Chief Financial Officer
Monday May 3, 5:59 pm ET


ARLINGTON, Va., May 3 /PRNewswire-FirstCall/ -- US Airways announced today that Dave Davis has been named chief financial officer, effective immediately.
Davis, who previously was US Airways' senior vice president of finance, replaces Neal S. Cohen, who has chosen to leave the company.

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"Dave Davis has played an integral role in the company's restructuring and will assume an even greater role in the company's transformation plans," said Bruce R. Lakefield, US Airways president and chief executive officer. "Dave's intellect, strong leadership skills and financial acumen are critical talents," said Lakefield.

Lakefield complimented Cohen's contributions to the company. "Neal helped lead the effort in restructuring the company's debt and reducing costs, which paved the way for US Airways to secure a federal loan guarantee, finance regional jets and emerge from Chapter 11, all feats that most experts considered impossible. I am pleased that Neal has agreed to continue to provide his professional advice to ensure a smooth transition," said Lakefield.

Davis joined US Airways in April 2002 as vice president of financial planning and analysis and was responsible for operating and capital budgeting, divisional cost control, financial analysis, and transactions support. He has been a key participant in US Airways' restructuring, which resulted in over $1.9 billion in annual cost savings, precedent-setting labor agreements, and the raising of $1.24 billion in new financing. He also led the development of the business plan used to obtain a $1 billion federal loan guarantee and $240 million in new equity from the company's primary equity investor, the Retirement Systems of Alabama. Davis was promoted to senior vice president in January 2004 and took on additional responsibilities for purchasing and fleet planning.

Prior to joining US Airways, Davis held the position of vice president - financial planning and analysis for Budget Group, Inc. Previously, he held key finance positions at both Delta Air Lines and Northwest Airlines.

Davis holds an MBA in Finance and a bachelor of science degree in Aerospace Engineering, both from the University of Minnesota.




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Source: US Airways
 
:angry: "He has been a key participant in US Airways' restructuring, which resulted in over $1.9 billion in annual cost savings, precedent-setting labor agreements, and the raising of $1.24 billion in new financing."


Precedent-setting labor agreements? Huh, and U still wants more.
 
Well, way I see it, 2 down and 6 more to go. Than some cleaning house of middle management, and we are back in business! :up:

Looking for major management culture change. Draconian policies are still in place with a few token gives from management, but that is not enough to move labor to any table.

Management needs to clean up ALL sick policies and implement some language to ensure reserves have an opportunity to get their time in...clean up MAA contract language for our f/as, and that is a step in the right direction.

Short of that, then they are only shoveling around the titanic chairs.
 
PITbull said:
Well, way I see it, 2 down and 6 more to go.
Which six could be thinking about? I'm not sure who is on your list, but I would imagine that many UAIR employees might think it would be better of couple of guys with the initials AC and JG had more time to work on their golf swings.

Mr Lakefield could score some major points with the labor groups with some housecleaning at CCY. No one likes to give up pay and benefits but the bitter medicine would be easier to swallow if some of the people who have earned negative reputation with labor were to depart.
 
PITbull said:
Well, way I see it, 2 down and 6 more to go. Than some cleaning house of middle management, and we are back in business! :up:

Looking for major management culture change. Draconian policies are still in place with a few token gives from management, but that is not enough to move labor to any table.

Management needs to clean up ALL sick policies and implement some language to ensure reserves have an opportunity to get their time in...clean up MAA contract language for our f/as, and that is a step in the right direction.

Short of that, then they are only shoveling around the titanic chairs.
Pit bull the culture change will happen once the company gets what it needs..... Thats the way it is here at every airline look at cal!
 
Sorry USfliboi,

Nope. I'm looking at USAirways, and I'm not going for that "crap" line of "later" it will happen.



After every concession given here, there has been major promotions from within. And after every single concession here, we are left with major violations of our contract language with mangement making up language as we go along to steal more.

Nope. Clean it up now.

Trust is earned; along with respect. It is not a "given" because of a title.

I've learned that you make every effort to learn from history, so it doesn't repeat itself.
 
PITbull said:
Well, way I see it, 2 down and 6 more to go. Than some cleaning house of middle management, and we are back in business! :up:
So when the "New 6" don't agree with your philosophy of "Give everyone big raises!" you will criticize them too and demand their ouster...

Then the next bunch of senior management will come in and still advocate the same message as Seigel's team and Lakefield's team, and so you will scream that they need to go too...

"IF ONLY we had SOMEONE ELSE in those positions, 'things' would be SO MUCH better!"

Kinda silly isn't it. You will NEVER be happy with whomever is in senior management, WHATEVER they do, now won't you. So quit pretending there is some savior out there you would actually be happy with.
 
Sounds like Doc Bronner bought a few new brooms at Home Depot. Hopefully the changed keep coming.
 
Cohen will receive a severance package that includes cash and stock options worth $2.5 million, according to the company's proxy statement. US Airways spokesman David Castelveter said Cohen left voluntarily, and the company plans to honor the severance agreement.

Excerpted from here.

Jim
 
N513AU said:
:lol: Did anyone else see Titanic. Run for the lifeboats. She's going down!! :up:
Well, N513, I am a little puzzled how you can something funny in UAIR's situation.

If your prediction is correct and the company fails, nearly 30000 people will be looking for jobs. You have stated in your past postings that there is nothing funny or enjoyable about unemployment and inability to find a job as good as the one from which you were furloughed. So why the thumbs up and shite-eating grin smilie?
 
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