More News On Ron Stanley And

[USA320Pilot]

Yesterday US Airways lost a talented executive when chief financial officer Dave Davis resigned. This announcement is not surprising because headhunters always swarm over distressed companies because this is how the recruiters make their living. Apparently Davis left because he was presented an offer too good to pass up.

People I have talked to within the company believe Ron Stanley, 57, is a quite talented, experienced and mature executive and chief executive Bruce Lakefield “thinks very highly of himâ€￾. If there is a mass exit of senior officers then I believe there would be a negative undertone that senior management is bailing.

Here are some interesting comments from today’s news media regarding the change in US Airways’ chief financial officer:

"Dave was presented with a very unique opportunity by a company that clearly recognizes his talent, and we understand his decision," US Airways CEO Bruce Lakefield said in a statement.

Complete Story


Today the Pittsburgh Tribune-Review said, "Davis will be replaced by Ronald E. Stanley, who joined US Airways' board of directors in May and has served as chairman of the board's audit committee. Stanley has held several financial positions with other companies. Ray Neidl, an aviation analyst with Caylon Securities in New York, said he didn't believe Davis' departure would hinder US Airways' attempt to transform itself into a profitable low-cost carrier."

Complete Story


Today the Pittsburgh Post Gazette said, "Ronald Stanley, an airline director since May and formerly chief operating officer of HSBC Equator. Stanley has a strong Wall Street background."

Complete Story


Today the Charlotte Observer reported, "The departure of a CFO is "always something that alerts your attention," said analyst Ray Neidl of Calyon Securities in New York. People sometimes think that it indicates trouble at a company, but often executives simply leave for a better job or more pay, or the company wants to restructure a department," he said.

Complete Story

Respectfully,

USA320Pilot

 

[UseYourHead]

Thanks for the intel....

 

[fatburger]

Expect more "talented" leadership to follow suit. The ship is sinking and when the top book maker jumps................LooK OuT!!

-fatburger-

 

[us0004us]

from the wash post article:

"This doesn't look good," said Mike Boyd of the Boyd Group. "You don't want to shake up your senior management staff at a time like this."

Analyst Helane Becker of the Benchmark Co. said Davis either thought the airline was not going to emerge from its Chapter 11 bankruptcy proceedings or assumed that if the carrier did emerge, a new management team would be brought in."

http://www.washingtonpost.com

 

[USA320Pilot]

I can understand the analyst comments quoted in The Post, however, these people likely did not talk with US Airways senior management about the change.

Did US Airways lose a young and talented executive? Yes it did.

However, losing one financial executive when the company has the former president of Lehman Brothers as its chief executive and other key financial executives in place will most likely not effect the restructuring. If a number of key senior executives leave US Airways' employment then yes, there would be a serious problem.

Ron Stanley has a strong financial background, has worked around Wall Street for many years, and it speaks well that the company can still attract an experienced and talented executive.

Stanley has an impressive background including key international officer positions Royal Bank of Canada Group, including senior vice president and general manager-Europe, Middle East and Africa; chairman of RBC Europe Ltd.; and member of the executive committee of RBC Dominion Securities.

Furthermore, he was the COO of HSBC Equator Bank Limited, who was recently ranked the fifth best performing European company by Business Week last summer.

Regardless of whether or not Davis is present, US Airways' key problem needs to be fixed. The company must have a competitive cost structure across-the-board, in a rapidly changing industry that suffers from reduced revenue and very high energy prices.

Separately, I believe yesterday's financial personnel additions creates thought provoking questions.

Stanley has been primarily focused in international investment banking. What implication does that have for US Airways?

Could his experience further increase US Airways' relationships with foreign aircraft manufacturers?

Why was George Philip elected to the board?

Philip is the executive director of the New York State Teachers’ Retirement System and controls a fund, which is principally liquid, with about 2.5 times the assets of controlled by RSA.

What's Philip's interest in US Airways?

It's unusual to have the head of one Retirement System on the board, who also is the chairman, and principal investor, but why have a second head of a retirement system, who has deep investment pockets, serve as a director?

Regardless of the reason for the moves, Stanley will have about a 6-week turnover with Davis and I believe Bruce Lakefield's comment is important. "I am grateful that Ron has agreed to step into this position and lend his vast finance experience and leadership to help us complete our restructuring. He has played an active role on the board since May, and as chairman of the audit committee, he has quickly immersed himself into virtually all aspects of the company," Lakefield said.

Respectfully,

USA320Pilot

 

[diogenes]

guess those retention bonuses aren't working

 

[WestCoastGuy]

I can think of several others Id like to see follow Davis out the door. This company could do no worse if it hired Grad. School students to run the show...perhaps even do better.

 

[firstamendment]

Oh yes, all that great talent that has taken us to the gates of hell. My heart bleeds. USAPilot, why so concerned? These loosers should leave. You see them as talented. I see them as greedy double standard bastards who will watch their fellow employees take a 21% cut while they take 1%. Let them all go. We have plenty of talented people within our ranks. We have to great former f/a's in John O'Brian and Peter Hobson-Garcia. They are excellent at what they do and aren't money hungry know-it-all entitled good old boys. Let the "talent" (sarcasm) leave. We have much talent within our own ranks.

 

[USA320Pilot]

Ron Stanley is currently director of Scholefield, Turnbull, & Partners, a business travel consulting firm based in London, vice-chairman and director of Decatur Foundry Inc., and strategic partner of Venpartners LLC. He was previously was chief operating officer and director, HSBC Equator, and vice president at Harris Bank. He also has held several key positions at the Royal Bank of Canada Europe, including general manager Europe, Middle East, and Africa. Stanley was a member of the executive committee of Dominion Securities, culminating a four-year tenure as senior vice president and general manager of the bank’s European division. Stanley served in the U.S. Air Force in the U.S., Europe, and South East Asia. He is a veteran of the Vietnam War.

Chip comments: Ron Stanley is the third senior executive in a row to join the company who has served as an officer in the U.S. military. Stanley joins chief executive officer Bruce Lakefield who served in the Navy’s submarine force and vice president of transformation Jim Schear, a retired Navy Admiral.

It’s my understanding that Stanley was an F-4 Phantom Weapons System Officer with a distinguished career.

With this news two other thought provoking questions come to mind. Why is US Airways chairman David Bronner selecting successful former military officers to run the company and why would Stanley have left a secure position to become the CFO of a company undergoing turbulent times? Finally, it takes time to recruit a replacement, thus the Davis resignation likely did not come as a surprise and Bronner and Lakefield have found a qualified CFO replacement, with worldwide in-depth financial experience.

Regards,

USA320Pilot

 

[BoeingBoy]

Maybe something in the company motion to amend the BofA credit card processing contract is instructive. One of the changes is that U commits to operate at least 40% of the flights we did on May 1 (unless liquidation, of course).

Docket #557

Jim

 

[fatburger]

That's all we need.........more moron military men who have no clue on how to run an airline. The Chairman, CEO and now CFO have zero airline background. The military doesn't prepare you to run an airline. Stop placing these people on a pedestal. You are starting to sound like you were in the military yourself......oh yeah, you were. sorry.

-fatburger-

 

[USA320Pilot]

Fatburger:

It's clear you have "no clue" about the talent of many military officers.

According to Dow Jones, Kerry Moynihan, a partner with Christian & Timbers, an executive search firm, said Stanley has a strong securities and Wall Street background, while people under him have strength in financial planning and accounting.

That sounds like a pretty good combination to me.

By the way, if I were you I would get over your anger because the only person who it hurts is you.

Respectfully,

USA320Pilot

 

[fatburger]

Tell me something chief, what does having a military and/or wall street background have to do with running an airline? Drum roll please...................NOT A DAMN THING!!! Take off your ### kissing, rose colored glasses. I'm not angry, I'm just right.

-fatburger-

 

[700UW]

He said the samething about Siegel.

 

[PITbull]

I can understand the analyst comments quoted in The Post, however, these people likely did not talk with US Airways senior management about the change.

Did US Airways lose a young and talented executive? Yes it did.

However, losing one financial executive when the company has the former president of Lehman Brothers as its chief executive and other key financial executives in place will most likely not effect the restructuring. If a number of key senior executives leave US Airways' employment then yes, there would be a serious problem.

Ron Stanley has a strong financial background, has worked around Wall Street for many years, and it speaks well that the company can still attract an experienced and talented executive.

Stanley has an impressive background including key international officer positions Royal Bank of Canada Group, including senior vice president and general manager-Europe, Middle East and Africa; chairman of RBC Europe Ltd.; and member of the executive committee of RBC Dominion Securities.

Furthermore, he was the COO of HSBC Equator Bank Limited, who was recently ranked the fifth best performing European company by Business Week last summer.

Regardless of whether or not Davis is present, US Airways' key problem needs to be fixed. The company must have a competitive cost structure across-the-board, in a rapidly changing industry that suffers from reduced revenue and very high energy prices.

Separately, I believe yesterday's financial personnel additions creates thought provoking questions.

Stanley has been primarily focused in international investment banking. What implication does that have for US Airways?

Could his experience further increase US Airways' relationships with foreign aircraft manufacturers?

Why was George Philip elected to the board?

Philip is the executive director of the New York State Teachers’ Retirement System and controls a fund, which is principally liquid, with about 2.5 times the assets of controlled by RSA.

What's Philip's interest in US Airways?

It's unusual to have the head of one Retirement System on the board, who also is the chairman, and principal investor, but why have a second head of a retirement system, who has deep investment pockets, serve as a director?

Regardless of the reason for the moves, Stanley will have about a 6-week turnover with Davis and I believe Bruce Lakefield's comment is important. "I am grateful that Ron has agreed to step into this position and lend his vast finance experience and leadership to help us complete our restructuring. He has played an active role on the board since May, and as chairman of the audit committee, he has quickly immersed himself into virtually all aspects of the company," Lakefield said.

Respectfully,

USA320Pilot

[post="195136"][/post]​

This is great! Instead of airline specialists with an industry background....we get stuck with wallstreet gamblers....with a military background. Military buds... Will we be flying to IRAQ?

Hey, this is great news. I'm excited!