The president and chief executive of US Airways, the nation's sixth-largest carrier, unexpectedly resigned Tuesday, and the company said Chairman Stephen Wolf will take over both positions.
The Arlington, Va.-based carrier, which has struggled all year and whose proposed merger with United Airlines fell apart, said Rakesh Gangwal quit to pursue a career in venture capital. Gangwal joined US Airways in 1996 after stints at Air France and United Airlines.
Analysts described the management shakeup as a needed change for the embattled carrier, which lost $766 million in the third quarter and continues to lose millions of dollars each day because of weak travel demand.
In the late 1980s, Wolf helped turn around two smaller airlines, Republic Airlines and Flying Tiger Airline, which later were merged with Northwest Airlines and Federal Express, respectively.