Updated from 6:26 p.m. EDT
has tapped a new chief financial officer, naming an executive who helped the company emerge from Chapter 11 bankruptcy. The change comes only weeks after the ascension of a new chief executive officer as the company tries to bolster credibility with union employees as well as investors.
Dave Davis, who joined the company in April 2002 and was most recently senior vice president of finance, has replaced outgoing CFO Neal Cohen.
Chief executive officer Bruce Lakefield said Davis has played "an integral role in the company's restructuring and will assume an even greater role in the company's transformation plans."
The news follows the
resignation of chief executive officer David Siegel in late April after two years on the job. Analysts have sounded hopeful that the CEO shift could improve US Air's strained relations with unions. But the money-losing carrier remains troubled, generating speculation that it might have to file for bankruptcy for the second time.
In a release, US Air said Davis spearheaded the business plan that helped the company 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. After a massive restructuring, in which Davis played a key role, US Air claims to have reduced annual costs by $1.9 billion, and it has also raised $1.24 billion in new financing.
US Air didn't say what Cohen will do next, but in a prepared statement, Lakefield said he will continue to act as an adviser amid the transition. "Neal
Cohen 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," said Lakefield.
In regular Monday trading shares closed up 8 cents, or 3.1%, to $2.68.