Stephen M. Wolf and Rakesh Gangwal: High Fliers Most airline folk had written off US Airways Group long before STEPHEN M. WOLF and RAKESH GANGWAL took a gamble on the troubled carrier in 1996. But captain Wolf and co-pilot Gangwal worked hard to pull the airline out of its nosedive--revamping routes, cutting staff, and forging a smart, forward-looking strategy. Result: Wolf, 57, and Gangwal, 45, have got themselves a contender. Today, US Airways is sparring with the big boys. It has transatlantic reach and fills up some of the most modern craft in the skies. And after years of hefty losses, earnings have once again taken off. Even better, US Airways shares have gone from 20 to around 50 since the pair took the helm, while airline stocks as a whole have gone up just 48%. And though US Airways shares, like those of all other airlines, have been hammered recently by fears of recession, they have held up better than those of rivals. How did these guys do it? In the same way they pulled off a similar turnaround when they were at United Airlines. Gangwal, named US Airways CEO in November, sweats the details. He's obsessed with load factors and other efficiency measures. Wolf, who remains chairman, charts broad strategy, flying around the globe to hammer out deals. Their partnership goes back to '92, when Wolf put Gangwal, a Calcutta native, in charge of planning for United. When Wolf was forced out, Gangwal followed. Now, the duo are betting on a new venture, a no-frills regional carrier, MetroJet, launched in June. Just a couple of years ago, few would have bet a nearly bankrupt US Airways would still be alive--never mind thriving. But that was before these two came along. RELATED ITEMS The 25 Top Executives of the Year COVER IMAGE: The Top 25 Executives of the Year TABLE: The Honor Roll Timothy A. Koogle: Shouting Yahoo! Jurgen E. Schrempp: Deal of the Decade Charles R. Schwab and David S. Pottruck: Schwab's E-Gambit Nobuyuki Idei: Sony's Visionary Steven P. Jobs: A Boss's Life Millard S. Drexler: Daddy Gap Marilyn Carlson Nelson: Travel Titan Craig R. Barrett: Intel's Ironman Robert W. Pittman and Stephen M. Case: Making AOL A-O.K. Kwok Yuen Ho: Wizard of 3-D David D. Glass: Second Wind for Wal-Mart L. Dennis Kozlowski: Compulsive Shopper Scott G. McNealy: Java's Percolator Karen L. Katen: Pfizer's Pep Pill Stephen M. Wolf and Rakesh Gangwal: High Fliers Ferdinand Piech: Baron Von Bug Richard A. McGinn: Light Speed Walter V. Shipley: Bank Roll Michael S. Dell: Nerdy Like a Fox John T. Chambers: Cisco's Live Wire Lloyd Ward: Front-Load Lion Allan Wong: Toy Story Jorma Ollila: Finn Fatale Leo J. Hindery Jr.: Cable Cowboy Edward E. Whitacre Jr.: The Busiest Bell Executives to Watch in 1999 The Top Entrepreneurs Return to main story

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