US Airways Announces the Resignation of David Siegel

The US Airways Group,
Inc. Board of Directors today announced the resignation of President and
Chief Executive Officer David N. Siegel, effective immediately.Bruce R. Lakefield, chairman of the Board of Directors’ Finance and
Strategy, and Human Resources committees has been named the chief
executive officer, effective immediately.

Siegel said his decision to exercise his contractual rights to resign
reflects a “belief that my leaving is in the best interests of the
company, as management seeks to secure the necessary changes to make the
airline competitive.”

“I have great affection for the airline and its outstanding employees, and
I want to see the company succeed. Unfortunately, the past two years have
been difficult for all of us, and I believe our ability to move forward
and make additional changes require a change in leadership,” Siegel said.
“I hope that today’s announcement is the first step in a healing process
that will enable the company to complete its restructuring.”

Dr. David G. Bronner, US Airways chairman, complimented Siegel’s
leadership of the company. “Dave has done an admirable job leading the
company through a critical period, securing necessary cost cuts and new
financing, making the tough decisions that needed to be made in a
restructuring, and building a business plan that has put the company back
on the right path. We accept his resignation with regret, but share his
view that this should be the start of a healing process for labor and
management.”

“The Board is fully committed to seeing this company thrive, but there are
many difficult decisions that still confront the Board, the management
team, and the employees,” said Bronner. “Bruce Lakefield is an experienced
and seasoned executive who will work tirelessly for the airline and its
customers, business partners and financial backers, employees and
shareholders. They all should embrace the fact that we recognize that the
airline marketplace has changed dramatically, and that we are confronting
those realities, rather than hoping they will go away.”

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Lakefield, 60, served as chairman and CEO of Lehman Brothers International
from 1995 to 1999, when he retired. He has served as a senior advisor to
the Investment Policy Committee of HGK Asset Management since 2000, and
also serves as a non-executive director of Constellation Corp., PLC.
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