US Airways CEO Quits, Perhaps Under Pressure

David Siegel, who resigned under fire from US Airways Monday, stands to reap millions for simply walking out the door.

While the airline won't say just what his parachute package is worth, Siegel's contract says he can collect $4.5 million within five days of termination. There could be much more. That information comes from US Airway's own financial disclosure documents.

Ironically, Siegel says he's stepping aside so that the airline can better manage costs, without which US Airways might have to go back to bankruptcy court. The new cuts would mean another round of tense negotiations with the airline's unions. Siegel said his relationship with union leaders had deteriorated.

"The concern from a shareholders' standpoint is that it can result in rewarding an executive for bad decisions or other poor performance," said AFL-CIO analyst Brandon Rees.

Siegel was replaced Monday by US Airways board member Bruce Lakefield. Board Chairman David Bronner, who reportedly pushed Siegel out the door, hopes that he and Lakefield can get from the unions the concessions that Siegel couldn't.

FMI: www.usairways.com