America West Chief to Step Down Sept. 1

William Franke, the man who saved America West Airlines from bankruptcy, is stepping down from the helm of the carrier Sept. 1, when his handpicked successor, W. Douglas Parker, will take over.

America West announced the changes after Franke met with the board to share his decision and make his formal recommendation for Parker to take over as chairman and chief executive.

Parker, 39, now serves as the company’s president and chief operating officer.

In May, Franke, 64, announced his plans to retire when his contract expired in December. That was part of a transition plan that slowly gave Parker greater control over operations. Wednesday’s decision moved up the timeline by four months.

Franke has led America West since 1992, when then-Arizona Gov. Fife Symington asked him to raise $15 million in financing from local companies to help save the Tempe, Ariz.-based airline and its 10,000 jobs. The company emerged from bankruptcy protection in 1994.

Shares of America West Holdings Corp., the airline’s parent company, rose 11 cents to $9.62 on the NYSE.