Cathay Plans 30% Staff Cost Cuts at Head Office Under Reform
- Savings will come from changes to mid and senior management
- The carrier is starting a three-year transformation program
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Cathay Pacific Airways Ltd. set a target to save 30 percent in employee costs at its Hong Kong head office as part of the biggest revamp in two decades, amid mounting competition that caused the carrier to post its first annual loss in eight years.
The savings will come from changes to middle to senior management that will be announced by June, Asia’s biggest international carrier said in an emailed statement Friday. A transition to the new structure will occur over the summer, Cathay said.