Printer Friendly

USAIR GROUP BOARD APPROVES STOCK PROGRAM; SCHOFIELD TO SUCCEED COLODNY AS CHAIRMAN

 USAIR GROUP BOARD APPROVES STOCK PROGRAM;
 SCHOFIELD TO SUCCEED COLODNY AS CHAIRMAN
 ARLINGTON, Va., May 13 /PRNewswire/ -- The shareholders of USAir Group (NYSE: U) today approved a stock option plan which involves the issuance of up to 8,125,000 shares of common stock to the company's employees related to the previously announced cost reduction program.
 "This show of support by our stockholders in approving the additional shares is very gratifying," said Seth E. Schofield, president and CEO of USAir Group. "The employee stock option plan is an integral element in the payback to employees in our comprehensive cost cutting program."
 As announced in late 1991, participating employees whose pay has been reduced as a cost cutting measure will receive options to purchase 50 shares of USAir Group common stock at $15 per share for each $1,000 of salary reduction. The options will become exercisable at the end of the salary reduction period. Authorization of the additional 8,125,000 shares was needed for the program to be implemented.
 Following today's annual shareholders meeting, the USAir Group board of directors announced that Edwin I. Colodny will retire June 30, 1992, as chairman and that this responsibility will be added to that of USAir Group President and CEO Seth E. Schofield. Colodny, who retired in June 1991 as president and CEO of USAir Group, will remain a director.
 The board also approved the promotion of John R. Long III from senior to executive vice president-customer services.
 -0- 5/13/92
 /CONTACT: USAir Corporate Communcations, 703-418-5100, or 213-417-1294 (Western Region)/
 (U) CO: USAir Group ST: Virginia IN: AIR SU: PER RCN


MH -- DC022 -- 9785 05/13/92 14:46 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 13, 1992
Words:279
Previous Article:SHELL TO CONVERT MOBIL STATIONS IN HOUSTON AREA
Next Article:EDISON ANNOUNCES FIVE-YEAR COMMITMENT TO HELP REBUILD L.A., PROVIDE JOB TRAINING
Topics:


Related Articles
USAIR GROUP BOARD DECLARES DIVIDEND
USAIR GROUP BOARD DECLARES DIVIDEND
USAIR GROUP DECLARES CASH DIVIDEND
USAIR GROUP DECLARES CASH DIVIDEND
GOV. CASEY ISSUES STATEMENT ON USAIR/BRITISH AIRWAYS AGREEMENT
NEW AGREEMENT REACHED FOR BRITISH AIRWAYS INVESTMENT IN USAIR
USAIR GROUP PROPOSES SALE OF 10,000,000 SHARES OF COMMON STOCK
USAIR GROUP STOCK SALE PRODUCES NET PROCEEDS OF $231 MILLION
USAIR GROUP SHAREHOLDERS APPROVE BRITISH AIRWAYS INVESTMENT
USAIR ANNOUNCES SALE OF $300 MILLION IN UNSECURED NOTES

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters