Saturday, 25 April 2020

KLM boss takes a pay cut.......still earning 80% more than most big airline CEOs

Whilst the CEO's of many major airlines in the US, Europe and elsewhere have elected to waive their salaries during the current crisis as staff are laid off or furloughed, yet the boss of one of Europe's biggest carriers is just dropping his wage by 20%.

Thousands of KLM employees are out of work, struggling to survive, KLM CEO Pieter Elbers, will just take a 20% reduction to his salary until the end of the year.

Pieter Elbers - KLM President & CEO said "The corona crisis is having an unprecedented impact on KLM. No one could ever have foreseen the current circumstances, with developments presenting themselves at a rapid rate in recent weeks. It is now clear that the impact of this crisis is not only immense but will continue for some time. This will demand greater focus on costs and extra efforts from everyone. Today I informed the Supervisory Board and the annual general meeting of shareholders that I will take a 20% cut in fixed salary until the end of the year.

I am confident that KLM will weather this storm and I am proud of the flexibility and dedication of the entire KLM workforce under these difficult circumstances. I am also grateful for the loyalty we are still seeing from our customers and for the support being offered to businesses by the Dutch government. Together, we will continue focusing on retaining as many jobs as possible for KLM staff and on utilising our route network optimally in the interests of broader Dutch society."

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