NELSON BANGS
The Neiman Marcus Group Inc. (luxury retailer)
Dallas
Senior VP, GC, and secretary since April 2001

� How I landed my job: Search firm.

� Year in a nutshell: The first year was an adjustment for me and my legal team. We weren’t that familiar with retail issues [Bangs was former GC of Dr. Pepper/Seven Up Cos. Inc.]. By necessity, the learning curve had to be quick; we hit the ground running. The first year was relatively quiet. We didn’t jump through hoops till Sarbanes-Oxley hit.

� The luxury trade: Sept. 11 [2001] had a huge impact on us — particularly for Bergdorf [Goodman], which we own. There was no business; all our stores were impacted. As high-end retailers, we rely on our core customers. We feel we’re coming out of the funk. We fluctuate less than other retailers.

� Big surprise: Other than Sarbanes-Oxley, it is the level of legal reviews by the state of California. In retail, in particular, there seem to be a lot of California initiatives. Between 15 to 25 percent of our projects deal with California.

� The ups: Being on a good legal team that works well together. That was what I was most worried about.

� The downs: Can’t say there’s any huge low point.

� What I’d do differently: Well, that assumes I’ve done something wrong. I don’t think there’s anything so far.

� Impact on personal life: Not much. I get in by 6 a.m., and I try to get out of here by 6 p.m. Otherwise, I find I’m not spending time with my family.

� Advice to newbie GCs: They have to make up their minds how much outside help they need, particularly in light of Sarbanes-Oxley. They must make sure they have appropriate counsel and focus on minimizing having to restate their financials.

MICHELLE BRYAN
US Airways Group Inc. and US Airways Inc. (airlines)
Arlington, Va.
Executive VP-corporate affairs and GC since April 2002

� How I landed my job: I’ve been with the company for 19 years.

� Year in a nutshell: It’s only been seven months but it feels like three years. It’s difficult running a bankruptcy and running a legal department. There are days of great hope and days of great despair. Every day we’re on a precipice.

� Big surprise: It’s not the easiest transition I’ve ever had. We knew on Sept. 11 [2001] how difficult the industry was; by May we recognized that bankruptcy was a possibility; and by the summer we were preparing for bankruptcy. At the same time, there was a whole new corporate scheme in America. There’s expanded fiduciary responsibility; it’s a new world for boards and officers.

� Minding a bankrupt store: What people don’t realize is that bankruptcy is litigation and that you have to do a lot of work to keep it going. It’s a different way of doing business. It’s not how to live up to an agreement; now we ask, do we want to abrogate our responsibility under an agreement?

� The ups and downs: They are the same: This is our company’s greatest hour of need, and a lot of responsibility falls on me. I’m very committed to seeing our company succeed. I feel responsible for the livelihood of the 35,000 employees who are still here.

� What I’d do differently: I don’t look back.

� Impact on personal life: I’m a lot grayer; the circles around my eyes are deeper. It’s stressful right now. I wake up in the middle of the night and ask myself, is this the day we’re not going to be hitting the home run? It’s a life-and-death issue.

� Advice to newbie GCs: As far as the general GC role is concerned, it’s important to understand the culture and business needs of the company. Make sure you’re staffed and organized for business objectives — which can change. As for being GC in the bankruptcy context, there’s no way to describe it. You need to be well-prepared to control the process, or it can get out of control.