Air NZ executives freeze salaries for at least a year as part of cost-cutting
Air NZ's executive team have voluntarily frozen their salaries for at least the next 12 months as part of a cost-cutting exercise. In a weekly update sent to staff Air NZ CE Christopher Luxon said the executive team had been looking at every area of the business for cost savings in order to offset rising jet fuel prices and reduce overhead costs by about 5%. In Luxon's staff update, he said the executive team had been focused on reviewing the airline's operating costs and opportunities to lift revenue as plans were put in place for the 2020 financial year beginning July 1. The rising price of jet fuel was having a significant impact on the business, Luxon said. Increases in fuel price would result in about NZ$200m additional costs this year compared to last year and this was expected to continue into next year, he said. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-05-14/star/air-nz-executives-freeze-salaries-for-at-least-a-year-as-part-of-cost-cutting
https://portal.staralliance.com/cms/logo.png
Air NZ executives freeze salaries for at least a year as part of cost-cutting
Air NZ's executive team have voluntarily frozen their salaries for at least the next 12 months as part of a cost-cutting exercise. In a weekly update sent to staff Air NZ CE Christopher Luxon said the executive team had been looking at every area of the business for cost savings in order to offset rising jet fuel prices and reduce overhead costs by about 5%. In Luxon's staff update, he said the executive team had been focused on reviewing the airline's operating costs and opportunities to lift revenue as plans were put in place for the 2020 financial year beginning July 1. The rising price of jet fuel was having a significant impact on the business, Luxon said. Increases in fuel price would result in about NZ$200m additional costs this year compared to last year and this was expected to continue into next year, he said. <br/>
