British Airways parent IAG SA slashed its first-quarter loss as demand surged on lucrative U.S. routes and Chief Executive Office Willie Walsh pushed through labor deals to cut costs at unprofitable Spanish unit Iberia.
International Consolidated Airlines Group SA Chief Executive Officer Willie Walsh earned close to 5 million pounds ($8.36 million) in 2013 after base pay frozen at 825,000 pounds was swollen by performance-based awards.
IAG Chief Executive Officer Willie Walsh said he’ll move forward with a cost-cutting strategy at the Madrid-based Iberia unit of Europe’s third-largest airline after unions spurned the latest plan to reduce headcount.
British Airways Plc ’s remuneration committee increased Chief Executive Officer Willie Walsh ’s bonus to 100 percent of his salary but linked the payment to him ending a strike by the carrier’s 12,000 cabin crew.
British Airways parent International Consolidated Airlines Group SA pledged to push through a plan to shrink Spanish division Iberia by 15 percent and deliver a profit rebound this year following a group-wide loss in 2012.