US Airways announced
today that Dave Davis has been named chief financial officer, effective
immediately. Davis, who previously was US Airways’ senior vice president of finance,
replaces Neal S. Cohen, who has chosen to leave the company.
“Dave Davis has played an integral role in the company’s restructuring and
will assume an even greater role in the company’s transformation plans,”
said Bruce R. Lakefield, US Airways president and chief executive officer.
“Dave’s intellect, strong leadership skills and financial acumen are
critical talents,” said Lakefield.
Lakefield complimented Cohen’s contributions to the company. “Neal helped
lead the effort in restructuring the company’s debt and reducing costs,
which paved the way for US Airways to secure a federal loan guarantee,
finance regional jets and emerge from Chapter 11, all feats that most
experts considered impossible. I am pleased that Neal has agreed to
continue to provide his professional advice to ensure a smooth
transition,” said Lakefield.
Davis joined US Airways in April 2002 as vice president of financial
planning and analysis and was responsible for operating and capital
budgeting, divisional cost control, financial analysis, and transactions
support. He has been a key participant in US Airways’ restructuring, which
resulted in over $1.9 billion in annual cost savings, precedent-setting
labor agreements, and the raising of $1.24 billion in new financing. He
also led the development of the business plan used to obtain a $1 billion
federal loan guarantee and $240 million in new equity from the company’s
primary equity investor, the Retirement Systems of Alabama. Davis was
promoted to senior vice president in January 2004 and took on additional
responsibilities for purchasing and fleet planning.
Prior to joining US Airways, Davis held the position of vice president -
financial planning and analysis for Budget Group, Inc. Previously, he held
key finance positions at both Delta Air Lines and Northwest Airlines.
Davis holds an MBA in Finance and a bachelor of science degree in
Aerospace Engineering, both from the University of Minnesota.