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Hawaiian CEO Offers Resignation

Airline Tries To Avoid Trusteeship

POSTED: 9:22 a.m. HST May 15, 2003
UPDATED: 9:35 a.m. HST May 15, 2003

John W. Adams has offered to resign as chairman and chief executive officer of Hawaiian Airlines.

Wednesday, the airline filed a motion in court that called for Adams' resignation. The motion seems to satisfy many of the issues raised by Hawaiian's largest aircraft lessor, Boeing Capital, and the airline's creditor's committee. Both had asked for Adams resignation and the appointment of a trustee to run the airline.

In a statement Wednesday night, Adam said, "The effort they (Boeing) have focused on me is wreaking profound damage on the company, and I can't allow this to continue."

The motion called for Mark Dunkerly to be appointed CEO. He is currently the airline's president and chief operating officer.

Four other members of Hawaiian's board would resign. Three of them have connections with Adams and his investment company.

In return for his resignation, Adams is asking Boeing and the creditors committee to abandon their request for the appointment of a trustee.

The changes must be approved by the court.


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