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US Airways boss quits
The president and chief executive of US Airways has resigned after just two years in the role.
According to US Airways, David Siegel ‘has exercised his contractural rights’ and leaves the airline immediately.
US Airways has already filed for Chapter 11 bankruptcy and according to reports on FT.com, is undergoing restructuring to avoid filing for bankruptcy a second time.
Bruce Lakefield, chairman of the Board of Directors’ Finance and Strategy, and Human Resources committees has been named the chief executive officer, effective immediately. Mr Lakerfield, 60, was chairman and chief executive of Lehmann Brothers International between 1995 and 1999 and has come out of retirement since to take the role.
In a statement Mr Siegel said that after two difficult years the only way for the airline to move forward was a change in leadership. He said. “I hope that today’s announcement is the first step in a healing process that will enable the company to complete its restructuring.”
US Airways faces increasing competition from plucky no-frills carrier Southwest, which plans to move operations to Philadelphia next month.
Report by Ginny McGrath
Ginny McGrath
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