U.S. Airways Holds Shareholders Meeting In Prattville

The new CEO of U-S Airways said on Wednesday that more cost-cutting is necessary, but he said selling some assets is not an option.

Bruce Lakefield made the comments at the conclusion of an annual shareholders' meeting in Prattville. Lakefield became president a month ago at the request of chairman David Bronner, chief executive of the Retirement Systems of Alabama -- the airline's largest stockholder. Lakefield and Bronner discussed cutting costs, keeping a full schedule of flights during a critical summer season, and eventually returning the airline to profitability. The air carrier lost 177 million dollars in the first three months of 2004.

In the last month, Lakefield replaced David Siegel and president and Neal Cohen succeeded Dave Davis as chief financial officer. Bronner said the airline needed a leader who could work closely with unions to cut costs, particularly union leaders who serve on the airline's board. Bill Pollock, president of the Air Lines Pilots Association and a U-S Airways board member, said Lakefield's one month as president has been encouraging.