US Airways Group’s board of directors today named
David N. Siegel president and chief executive officer and board member of both the holding company and its US Airways, Inc. airline unit. Stephen M. Wolf will retain the title of chairman of both companies in a non-executive capacity. Wolf, 60, reassumed the position of CEO of US Airways Group and US Airways, Inc. in November 2001 following Rakesh Gangwal’s resignation from the company.

Siegel, 40, is currently chairman and CEO of Avis Rent A Car System, Inc., a subsidiary of Cendant Corp., and has extensive experience in the airline industry, having spent seven years at Continental Airlines in various senior management roles, including president of its Continental Express subsidiary.

“We are extremely pleased to announce that an executive of Dave Siegel’s abilities and energy will be joining US Airways as chief executive officer. He brings a broad understanding of the business, a proven track record of accomplishment, and, importantly, exceptional skills in working with people,” Wolf said.

“While this is a particularly challenging time for the airline industry, I’m delighted to return to commercial aviation, where I spent much of my career,” said Siegel. “I have long viewed
US Airways as an airline with a strong franchise and tremendous potential, and I look forward to working with the company’s 36,000 employees in charting our future direction.”

As president of Continental Express from 1995-1999, Siegel improved the unit’s profit contribution by $250 million annually and led its substantial improvements in operational performance. He also negotiated the largest aircraft order at the time in the regional airline industry as the launch customer for Embraer 145/135 regional jets.
At Continental Airlines, he also served as senior vice president of planning and scheduling, where he played an instrumental role in Continental’s financial and operational turnaround, and as vice president of corporate development. Prior to joining Continental, he served as director of corporate planning at Northwest Airlines. Before joining Avis, he held executive positions at Budget Group and eVolution Global Partners, a corporate venture capital firm. He began his career as a consultant at Bain & Co.

Siegel earned a master’s degree in business administration from Harvard Business School and a bachelor of science degree, magna cum laude, in applied mathematics-economics from Brown University. Siegel, his wife and daughter will relocate to the Washington, D.C., area.

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