It was just reported on CNBC that Gangwal has just resigned. Shares of US Airways stock has been halted. Stay tuned.

"US Airways announced today that Rakesh Gangwal has resigned from his position as President and Chief Executive Officer of US Airways Group, Inc. and US Airways, Inc. Gangwal's departure is based upon his decision to work in the field of private equity and venture capital..."

http://biz.yahoo.com/prnews/011127/dctu041_1.html

And U mysteriously goes up.

[This message has been edited by chexfan (edited 11-27-2001).]

Here's the US Airways Press Release in full:

http://www.usairways.com/corporate/press/nw_01_1127.htm

US AIRWAYS CHAIRMAN STEPHEN M. WOLF REASSUMES CEO POSITION AS RAKESH GANGWAL RESIGNS

ARLINGTON, Va., Nov. 27, 2001 -- US Airways announced today that Rakesh Gangwal has resigned from his position as President and Chief Executive Officer of US Airways Group, Inc. and US Airways, Inc. Gangwal’s departure is based upon his decision to work in the field of private equity and venture capital.

Gangwal said: "I am grateful for having had the opportunity to contribute to US Airways over the last several years. In particular, I shall hold in the highest regard the professionalism and loyalty of US Airways’ employees and wish them the very best in the future."

Stephen M. Wolf, Chairman of US Airways Group and US Airways, Inc., who will reassume the position of Chief Executive Officer at both companies, said: "Rakesh has contributed significantly to US Airways during his time with the Company. While we are disappointed with his decision to seek a new career path, we wish him and his family all possible success in their future endeavors."

"The company’s focus going forward, working with a superb group of employees, will be on operational excellence and creating shareholder value," Wolf said.

Reporters needing additional information should contact US Airways Corporate Communications at (703) 872-5100.

OK - what do you guys think this will mean to USAirways or to us? Chex - did you say United's stock went up on the news? Wonder what that means??

U = US, UAL = UA. Both are up slightly (1-1.5%) this AM so not that significant. However, most other U.S. airline stocks are down slightly (0-1%).

This means diddly for UAL. They're in NO position to acquire anything.

<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by svpii:
OK - what do you guys think this will mean to USAirways or to us? </font>

YTBD. We need to see who replaces the void. Who chooses the replacement will be telltale as well.


wild speculation: Is this the first in a series of big announcements?

Let the wild rumpus begin!!!!

This airline was on track with serious improvements in both employee morale and customer service before Gangwal took over as CEO. His leadership was nonexistent. I never heard a single US employee say one positive thing about his work. Under his guidance, an otherwise fine airline that had been built to respectability was once again torched. I lost respect for Wolf with the United debacle, but I suppose he is the better of the two.

Good riddance, Rakesh.

I can't wait to read what Deelmakur has to say....

[This message has been edited by shinbal (edited 11-27-2001).]

Thanks terenz. Here's a quick link to U's intra-day trading chart:
http://finance.yahoo.com/q?s=U&d=c&k=c4&t=1d

I'm ambivalent. Wolf has done great things for this company, but I retrospect he did it just to align US Airways with United. On the other hand, Rakesh did didilly for this airline, and at all the big airline CEO meetings it was Wolf running the show. Wolf was really the CEO in disguise the whole time, but instead of being at Crystal Palace every day he was at his Northern Virgina winery picking out next month's Envoy Class wine selection &lt;rolleyes&gt;. What I'd really like to see if a whole new management team (one which doesn't include Wolf, Gangwal, or Robert Johnson).

I'm available, U shareholders...

<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by aceman36:
I'm ambivalent. Wolf has done great things for this company, but I retrospect he did it just to align US Airways with United. On the other hand, Rakesh did didilly for this airline, and at all the big airline CEO meetings it was Wolf running the show. Wolf was really the CEO in disguise the whole time, but instead of being at Crystal Palace every day he was at his Northern Virgina winery picking out next month's Envoy Class wine selection &lt;rolleyes&gt;. What I'd really like to see if a whole new management team (one which doesn't include Wolf, Gangwal, or Robert Johnson).</font>



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"Those who would sacrifice liberty for safety deserve neither." - Ben Franklin

All they want to do is sell it.