General Lee
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- Aug 24, 2002
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UPDATE 1-JetBlue CEO takes pay cut as airline struggles
Mon Jul 28, 2008 506 pm EDT
NEW YORK, July 28 (Reuters) - JetBlue Airways Corp's (JBLU.O: Quote, Profile, Research, Stock Buzz) chief executive agreed to halve his salary on Monday in a show of solidarity with employees as the low-cost carrier struggles with soaring fuel prices and a slowing U.S. economy.
David Barger, who took the helm at JetBlue last year after founder David Neeleman stepped down, is to have his base salary cut to $250,000 from $500,000. The cut only applies for the six months from July through December, according to a regulatory filing.
Last week, JetBlue reported a $7 million quarterly loss, as Barger said revenue gains were not keeping pace with rising jet fuel prices. The carrier has put growth plans on hold and deferred deliveries of new planes as it prepares to cut capacity this winter to cut costs.
JetBlue, the U.S. No. 8 carrier, is 19 percent owned by German airline Lufthansa AG (LHAG.DE: Quote, Profile, Research, Stock Buzz). (Reporting by Bill Rigby; Editing by Andre Grenon)
© Thomson Reuters 2008 All rights reserved
Honest question I have. Why would he take that? Will he be asking the same of others? No flame here. Crazy times....I didn't think a $7 million quarterly loss was that bad.....could have been worse I guess.
Bye Bye--General Lee
Mon Jul 28, 2008 506 pm EDT
NEW YORK, July 28 (Reuters) - JetBlue Airways Corp's (JBLU.O: Quote, Profile, Research, Stock Buzz) chief executive agreed to halve his salary on Monday in a show of solidarity with employees as the low-cost carrier struggles with soaring fuel prices and a slowing U.S. economy.
David Barger, who took the helm at JetBlue last year after founder David Neeleman stepped down, is to have his base salary cut to $250,000 from $500,000. The cut only applies for the six months from July through December, according to a regulatory filing.
Last week, JetBlue reported a $7 million quarterly loss, as Barger said revenue gains were not keeping pace with rising jet fuel prices. The carrier has put growth plans on hold and deferred deliveries of new planes as it prepares to cut capacity this winter to cut costs.
JetBlue, the U.S. No. 8 carrier, is 19 percent owned by German airline Lufthansa AG (LHAG.DE: Quote, Profile, Research, Stock Buzz). (Reporting by Bill Rigby; Editing by Andre Grenon)
© Thomson Reuters 2008 All rights reserved
Honest question I have. Why would he take that? Will he be asking the same of others? No flame here. Crazy times....I didn't think a $7 million quarterly loss was that bad.....could have been worse I guess.
Bye Bye--General Lee
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