As BA seek staff job and salary cuts, Walsh gets 6% pay rise
12.06.09
Willie Walsh, the chief executive of British Airways, will receive an 'inflation-busting' 6 percent pay rise, taking his salary to £743,000 this year, and could also receive £1.1 million in deferred share bonuses, the Times reports. The pay award was published in the airline’s annual report yesterday, but the timing is embarrassing as the airline is negotiating pay cuts with its employees and plans to make 4000 staff redundant..
BA lost £401 million last year and Mr Walsh has called for significant cost-cutting as the airline faces its ‘worst ever trading environment’. The airline has already reduced its headcount by 2500 and is seeking a further 4000 job loses. The company is also negotiating to cut bonuses and allowances that its 14,000 cabin crew have accumulated over many years of pay settlements. Its pilots are currently voting on a small across the board pay cut and ground staff are also reported to be considering cuts as well as benefit changes.
Mr Wash said last night that he would forgo his annual bonus of up to £550,000 in shares this year. He also waived his cash bonus of £700,000 last year after the botched opening of Heathrow’s Terminal 5 and has said that he will work for free during July.
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