St. Paul, Minn.—(September 30, 2002)—Northwest Airlines today announced that Mickey Foret, executive vice president (EVP) and chief financial officer (CFO), and chairman and chief executive officer, Northwest Airlines Cargo Inc., will retire on September 30.
The airline named Bernard L. Han, formerly America West Airline’s executive vice president and chief financial officer, to replace Foret as EVP and CFO. During the 1990s, Han held various finance positions at Northwest.
Doug Steenland, president of Northwest Airlines, will assume the additional duties of chairman & CEO, NWA Cargo Inc.
Richard Anderson, Northwest Airlines chief executive officer, said, “Mickey Foret has been a recognized leader in the airline industry for more than 30 years. For nearly 10 years, he has been a key member of the Northwest executive team as we have made the tough business decisions required to position the airline as a viable long term player in the industry.”
“When Mickey rejoined Northwest in 1998, he committed to a four year term as CFO which he has now completed. He has decided to retire and spend more time with his family. We are very pleased he has agreed to be a consultant to Northwest. His tremendous experience and knowledge will be of great assistance to our executive management team and will ensure a smooth transition,” Anderson added.
Commenting on Han, Anderson said, ” Bernie brings 15 years of financial experience in the airline industry and a thorough knowledge of Northwest to his new position. This will be a great advantage as we continue to address the difficult operating environment resulting from the impact of September 11, 2001 and the decline in business travel.”
Anderson continued, “Mickey Foret has done an excellent job of developing a strong group of first rate finance executives who will now work with Bernie to guide our company in critical financial matters.”
Discussing his new position, Han said, “It is great to be back at Northwest. I look forward to working with Richard and his team to position the airline as a global leader during these very challenging economic times.”
Discussing his tenure at Northwest, Foret said, “I have enjoyed immensely working with Richard, Doug Steenland and Northwest’s senior management team to help position Northwest to be a leader in our industry. The airline is in good financial shape to withstand the economic issues it faces today. I look forward to working as a consultant to Northwest.”
Han has been executive vice president and chief financial officer of America West since September 2001. He played a lead role in successfully restructuring America West and securing a government-backed loan in the months following the September 11 attacks. He joined America West in 1996 as vice president, financial planning and analysis. Han was promoted to senior vice president of planning in 1998. In 2000, he was named senior vice president - marketing and planning, and his responsibilities were expanded to include all of the airline`s marketing and sales functions.
Before joining America West, Han spent five years with Northwest and three years with American Airlines in financial planning and analysis. He earned a bachelor of science, master of electrical engineering, and master of business administration from Cornell University.
Northwest Airlines is the world`s fourth largest airline with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam and more than 1,700 daily departures. With its travel partners, Northwest serves more than 750 cities in 120 countries on six continents.
Statements in this news release that are not purely historical facts, including statements regarding our beliefs, expectations, intentions or strategies for the future, may be “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, the future level of air travel demand, the Company`s future load factors and yields, the cost and availability of aviation insurance coverage and war risk coverage, the general economic condition of the United States following the terrorist attacks, the price and availability of jet fuel and the possibility of additional terrorist attacks or the fear of such attacks. Additional information with respect to the factors and events that could cause differences between forward-looking statements and future actual results is contained in the Company`s Securities and Exchange Commission filings, including the Company`s Annual Report on Form 10-K for the year ended December 31, 2001. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
For more information pertaining to Northwest, media inquiries can be directed to Northwest Media Relations at (612) 726-2331 or to Northwest’s Web site at www.nwa.com.