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May 8, 2020 Lufthansa Group held its first ever virtual annual general meeting on 05-May-2020, with around 10,000 shareholders dialling-in. Chairman and CEO Carsten Spohr had the unenviable task of ‘e-informing’ shareholders of the board’s vision to getting the company through coronavirus and what the future will look like when the virus recedes. The meeting’s introduction was a poignant reminder of what was, and what the company is fighting for in the coming months. Mr Spohr admitted it is a “bitter” feeling that 65 years of work building up Lufthansa’s traffic volume and global networ
Austrian Airlines to cut costs in order to compete against budget airlines Austrian Airlines has announced a new austerity plan in the wake of losses due to stiff low-cost competition: Threat of losses in 2019 and 2020: Airline counteracts developments with a package of measures EUR 90 million should be saved annually, 700-800 budgeted positions in the company are affected Management Board: “We will fight relentlessly and vigorously against the price and wage dumping practiced by low-cost airlines” Austrian Airlines is repositioning itself in response to the glut of lo