Air Berlin executives to cut bonus payments
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The board of executive directors and top managers of Air Berlin will forgo 50% of their bonus entitlements for the financial year 2008. In doing so, they are making a total contribution of EUR2 million to the Jump package of measures initiated in Spring 2008.
This means that the company’s 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 board of executive directors is confirming its forecast of a positive operating result for the financial year 2008 that has just ended. This will be achieved despite a major increase in fuel costs last year and the rather gloomy economic situation.
The airline’s "Jump" measures already started to bear fruit at the end of November, when the operating profit showed a 57% increase on the same period of the previous year. At the time Joachim Hunold, the airline’s CEO, highlighted the fact that the result for the third quarter had been "the best quarterly result in the history of our company".
Air Berlin will report on the 2008 year-end results on 30-Mar-09 in Berlin.
(C) Centre for Asia Pacific Aviation. Date posted: 17-Feb-09
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Air Berlin executives to cut bonus payments 
