Asiana executives take voluntary pay cut to ride out crisis
Senior executives at Asiana Airlines have offered to take a pay cut to help the company through a rough patch. CE Han Chang-soo has pledged to return 40% of his annual salary, while other executives and team leaders will return 30% and 20%, respectively. The leadership team have also submitted their collective resignation, though this is largely symbolic and unlikely to be accepted at this juncture. “The intention is that management will take the lead in overcoming the crisis,” Han states. Asiana faces a crisis due to a severe decline in air travel demand, Han notes, first from last year’s diplomatic row between South Korea and Japan and then from this year’s coronavirus outbreak. From January to February, Asiana reduced capacity on routes to China about 50% and to Southeast Asia 10%, while total capacity was reduced 12%. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-02-25/star/asiana-executives-take-voluntary-pay-cut-to-ride-out-crisis
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Asiana executives take voluntary pay cut to ride out crisis
Senior executives at Asiana Airlines have offered to take a pay cut to help the company through a rough patch. CE Han Chang-soo has pledged to return 40% of his annual salary, while other executives and team leaders will return 30% and 20%, respectively. The leadership team have also submitted their collective resignation, though this is largely symbolic and unlikely to be accepted at this juncture. “The intention is that management will take the lead in overcoming the crisis,” Han states. Asiana faces a crisis due to a severe decline in air travel demand, Han notes, first from last year’s diplomatic row between South Korea and Japan and then from this year’s coronavirus outbreak. From January to February, Asiana reduced capacity on routes to China about 50% and to Southeast Asia 10%, while total capacity was reduced 12%. <br/>
