Thread: Voluntary Leaves?
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Old 03-25-2020 | 08:06 PM
  #6  
pacnw77
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Just now....

Alaska Airlines today announced plans to reduce its flight schedule for April and May by approximately 70%
​​​​​​https://newsroom.alaskaair.com/2020-...-conserve-cash

Notable:
  1. Flight schedules for June and beyond will be based on demand, but it is our expectation that reductions will be substantial for at least the next several months.
  2. Alaska – like other airlines – is seeing demand reductions of more than 80%.
  3. ​​​​​​We are announcing today the suspension of our cash dividend and we have previously announced the suspension of our share repurchase program.
  4. We have drawn down $400 million on our line of credit and closed an additional secured loan for $425 million today.
  5. We are announcing officer pay reductions through Sept. 30 as follows:
    • 100% pay reduction for both the CEO and President of Alaska Airlines;
    • 50% for the President of Horizon Air;
    • 30% for EVPs and SVPs; and
    • 20% for VPs and MDs.
  6. We are actively soliciting employees who are interested in voluntary leaves of absence, under which Alaska would continue to pay both health and travel benefits.
  7. We have suspended annual pay increases, plan to reduce hours for management employees, and will release contractors and temporary workers.
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