By John Crawley WASHINGTON, April 30 (Reuters) - The executive director of a program set up after Sept. 11 to guarantee up to $10 billion in government-backed financing for struggling airlines has resigned, the Treasury Department said on Tuesday. Joseph Adams was appointed to the Air Transportation Stabilization Board in December after Congress created it as a key part of its airline bailout package of cash aid and financing guarantees. Airlines suffered huge losses in the months that followed the hijack attacks as air travel plummeted. Some carriers were contemplating bankruptcy filings. Business has rebounded slowly and losses, while still heavy at some carriers, have declined. Leo Mullin, chairman of Delta Air Lines (DAL), said last week that it appeared most big airlines would survive the downturn. Adams, who is returning to the Wall Street investment firm Brera Capital Partners, will be replaced by Daniel Montgomery, who has been a managing director of the stabilization board since March. Adams will serve the board as a consultant. "This allows me to focus my time on specific issues rather than be there full time," Adams told Reuters in an interview. The decision was prompted by the industry recovery and the reopening of capital markets, which he said both occurred faster than expected. He said the presence of the air stabilization fund helped to calm markets after the tremendous financial fallout from Sept. 11. The top eight U.S. carriers posted almost $9 billion in losses in 2001. The attacks worsened an industry bottom line already weakened by recession. America West Airlines (AWA) has been the only big airline to apply for and accept federal loan guarantees. That financing guarantee is worth $380 million. Other smaller carriers have sought guarantees to help ease the sting of losses. While he said the board had more work to do, Adams would not speculate on when, or if, big airlines might apply for financing guarantees. A United Airlines (UAL) executive recently said that while the No. 2 U.S. carrier might consider filing for the loan guarantees, it would prefer not to. US Airways Group Inc. (U) said it would likely apply after posting a $269 million first-quarter net loss and saying its cash position had dwindled to $561 million. ©2002 Reuters Limited.