“Probably not,” admits the CEO of Retirement Systems of Alabama. But that doesn’t trouble the plainspeaking 58-year-old, who became chairman of U.S. Airways on April 1, the day after his $23 billion institution spent $240 million for a 37 percent interest in the ailing air carrier -- enough to control eight of 15 board seats. For pension maverick Bronner, who outbid buyout specialist Texas Pacific Group, the new holding is not out of character: RSA has bought into newspapers, office towers and golf courses. “The risks are not a whole lot different,” says Bronner. “I don’t feel I need to be intimidated in the least.” His chairmanship is a nonexecutive position; U.S. Airways CEO David Siegel runs day-to-day operations. Still, Alabama pensioners will be exposed to a company suffering from post9/11 doldrums compounded by recent SARS-related travel scares. The Arlington, Virginiabased carrier filed for bankruptcy in August and emerged from Chapter 11 in March with its labor costs a third lower and its debt pared from $10 billion to $8 billion. But it’s still losing money. Bronner doesn’t anticipate a profit over the next couple of years, but neither is he hearing much criticism about his latest untraditional venture. “This is pretty small compared to the other things,” he says. “I haven’t had much flak.”
