US Airways CEO David Siegel Resigns
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US Airways Group Inc. Chief Executive David Siegel resigned and will be replaced by board member Bruce Lakefield, as the company seeks to reduce costs amid increased competition with discount airlines.
Siegel, 42, joined the airline in March 2002, led it out of Chapter 11 bankruptcy protection last year and angered unions in December with more cost-cutting plans.
He said in a statement that his departure would let the seventh-largest U.S. carrier begin “a healing process.”
Siegel was eligible for a payment of as much as $4.5 million if he left before the end of this month, under an amendment last year to his employment agreement, according to regulatory filings by Arlington, Va.-based US Airways.
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