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US Airways House Cleaning - CFO Gone! :)  
User currently offlineOuboy79 From United States of America, joined Nov 2001, 4581 posts, RR: 23
Posted (10 years 3 months 3 weeks 23 hours ago) and read 1826 times:

Good Ol' Neal Cohen finally is gone. Doc Bronner is continuing with the house cleaning...this move will be welcomed greatly by the unions. Now just Ben Baldenza and a few others need to go.

http://biz.yahoo.com/rc/040503/ba_airlines_usairways_cfo_2.html

Dave Davis will replace him. Prior to coming to US Airways in 2002...he was with Budget, Delta, and Northwest.

http://biz.yahoo.com/prnews/040503/dcm088_1.html

6 replies: All unread, jump to last
 
User currently offlineFreshlove1 From , joined Dec 1969, posts, RR:
Reply 1, posted (10 years 3 months 3 weeks 21 hours ago) and read 1739 times:

The turnaround is on, get rid of the upper people who put US in the position, hire better people with a sound business plan and lets get this thing rolling again like it was back in 1999/2000 I believe, but not exact, when US made a crazy amount of money. Profitibility is definatly in sight and I believe US will be there shortly

User currently offlineWmupilot From United States of America, joined Jan 2003, 1473 posts, RR: 12
Reply 2, posted (10 years 3 months 3 weeks 21 hours ago) and read 1688 times:

Not wait for the nay sayers to come in and say that this is the end of USAirways....

Good to see the virus is being fought and the good taking it's place. In my opinion this is something that needed to be done some time ago.



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User currently offlineRjpieces From , joined Dec 1969, posts, RR:
Reply 3, posted (10 years 3 months 3 weeks 20 hours ago) and read 1677 times:

He was expected to leave. He would have lost a load of money if he stayed on.

User currently offlineStevenUhl777 From , joined Dec 1969, posts, RR:
Reply 4, posted (10 years 3 months 3 weeks 20 hours ago) and read 1625 times:

A good strategy if you look at it from Bronner's worldview:

Unions hate the management and made a compelling enough case. Fine. He asks Siegel and Cohen (and others) to leave. With them gone, now the pressure gets put right back on the unions: more pay cuts/productivity gains or else. He's eliminating the biggest argument the unions have made about not making further cuts.


User currently offlineLogos From United States of America, joined Jan 2000, 793 posts, RR: 1
Reply 5, posted (10 years 3 months 3 weeks 10 hours ago) and read 1478 times:

lets get this thing rolling again like it was back in 1999/2000 I believe, but not exact, when US made a crazy amount of money. Profitibility is definatly in sight and I believe US will be there shortly

Unfortunately, it's not that easy. The main issues that US faces are the same as yesterday and they are labor cost & productivity. A new CFO does, as Steven pointed out, call the unions' bluff, but it does not magically produce the needed concessions.

A bunch of dot coms made a "crazy amount of money" in 1999 as well. Most of them no longer exist.

Cheers,
Dave in Orlando



Too many types flown to list
User currently offlineScottB From United States of America, joined Jul 2000, 6743 posts, RR: 32
Reply 6, posted (10 years 3 months 3 weeks 9 hours ago) and read 1407 times:

I wouldn't exactly call this "house cleaning" -- Cohen had a provision in his contract allowing him to leave with a significant severance package; I believe that provision was tied to Siegel's departure. The subject actually came up in the earnings call last week (is Cohen going to leave?) and Lakefield danced around the subject at that time; the lack of a direct "no" at the time was a clear signal to me that Cohen was going to depart the company and take his golden parachute.

Look, unless the company's operation is revamped and costs are brought down through improved productivity and utilization, as well as some sort of additional savings from labor, this is little more than rearranging the deck chairs on the Titanic. The "new plans" announced by Lakefield in the last weeks are no different from what Siegel had been planning before his departure.


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