US Airways board names pension fund's Bronner
chairman
Friday, April 4, 2003
©2003 Associated Press
URL: http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2003/04/04/financial1546EST0193.DTL
(04-04) 12:46 PST ARLINGTON, Va. (AP) --
US Airways' new board of directors has selected David G. Bronner, chief executive of the Retirement Systems of Alabama, as its chairman.
The RSA, led by Bronner, controls eight seats on the airline's board and 38 percent of the airline's stock. The retirement fund provided a $240 million investment in the airline and $500 million in financing during bankruptcy that helped the airline emerge this week after only eight months under Chapter 11 protection from creditors.
The retirement fund, with $25 billion in assets, has a history of unconventional investments under Bronner. It has sizable investments in Raycom media, Community Newspaper Holdings Inc., the Robert Trent Jones golf trail in Alabama and the 3.8 million square-foot Manhattan office building at 55 Water Street.
"Dr. Bronner and RSA have been extremely supportive throughout our restructuring and share this management's full enthusiasm for the direction the company has charted to prosper. I look forward to working closely with him and the new board to strengthen the US Airways franchise," said US Airways president and chief executive David N. Siegel.
Bronner will chair the board in a non-executive capacity, while Siegel will continue to run day-to-day operations.