Delta announced some fairly dark news today — including flight cuts, pay reductions, revenue projections, and Sky Club closures.
CEO Ed Bastian wrote, “Revenue for the month of March is now expected to decline by almost $2 billion over last year, with our projection for April falling even more.”
He said the airline will reduce capacity by 70% systemwide until demand increases. International operations will see an 80% reduction. Delta will close most Sky Clubs, though he didn’t elaborate will lounges will remain open.
Mr. Bastian previously announced he eliminated his own salary for the next six months (bravo!). He also wrote today that Delta’s Board of Directors decided to forfeit their compensation for that period, as well. In addition, all Delta officers are taking a 50% pay hit through June 30; directors and managing directors will see a 25% pay reduction through June, as well.
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