MARKET REPORTS 

Southwest CEO announces pay cuts to avoid layoffs, furloughs through 2021

Southwest CEO announces pay cuts to avoid layoffs, furloughs through 2021 Like American, Southwest is likely to ask Congress for a significant increase in the U.S. aviation tax A Southwest Airlines plane On Friday, American Airlines and Southwest Airlines will announce they are ordering more planes to meet surging demand and delivering fatter profits. But unlike American, the longtime No. 2 carrier

which has been chasing its rival for years to be No. 1, Southwest, which is based in Dallas, has chosen to cut its future growth plans. Southwest announced last month that it would retire dozens of planes from its fleet by retiring some of its oldest Boeing 737 planes.

At the same time, the airline indicated that it is targeting 2019 and 2020 to take the first steps toward cutting its approximately 7,000-aircraft fleet by one-third to 4,000. According to CEO Gary Kelly, who was to announce the changes at Southwest’s annual meeting in Dallas Friday, that plan will mean at least

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