17 February 2009

Air Berlin bosses sacrifice bonuses

Air Berlin bosses are giving up half of their bonuses for 2008 in light of the economic downturn.

As a result, the airlineââ¬â¢s board of executive directors and top managers will make a total contribution of â'š~¬2 million to the ââ¬ËœJumpââ¬â¢ package of measures initiated in spring 2008.

This means senior management will be accepting a reduction of up to 10% on their annual income, while the board of executive directors will be giving up 25%.

The airline confirmed its forecast of a positive operating result for the financial year 2008. It will report on the year-end results on March 30 in Berlin.

The airline claimed it ââ¬ÅâœJumpââ¬~ measures have already started to bear fruit, with operating profit showing a 57% increase at the end of November, on the same period of the previous year.

At the time CEO Joachim Hunold highlighted the fact that the result for the third quarter had been ââ¬Åâœthe best quarterly result in the history of our companyââ¬~.


By Bev Fearis

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