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Jun

5

Continental to cut 3000 jobs, 60+ planes, CEO & Pres forego salaries


From MarketWatch:

Continental Airlines Inc. intends to dismiss about 3,000 employees, including management positions, sometime after the peak of summer travel, the Houston-based carrier said Thursday. Starting in September, Continental said it will reduce its flights, with fourth-quarter domestic mainline departures to be down 16% year-over-year, and a reduction of domestic mainline capacity by 11% in the fourth quarter. Continental said it will also accelerate the retirement of its Boeing 737-300 and 737-500 fleets. Further, Chairman and CEO Larry Kellner and President Jeff Smisek said they will forgo their salaries for the rest of 2008.

Cannot. be. good. for. Cleveland.

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By Jill Miller Zimon at 7:50 am June 5th, 2008 in Announcements, Business, Cleveland+, Economy, Ohio 

Comments

6 Responses to “Continental to cut 3000 jobs, 60+ planes, CEO & Pres forego salaries”

  1. 1 Jeff Hess on June 5th, 2008 9:49 am

    Shalom Jill,

    Short-term pain can result in long-term health. We can work towards that.

    Listening to All Things Considered yesterday I heard an astonishing figure. Over the last 30 years since deregulation, the airline industry, as a whole, has lost $13 billion.

    I think that tells us something about how our economy works.

    B’shalom,

    Jeff

  2. 2 dave on June 6th, 2008 8:36 am

    Jeff, Warren Buffett says that it’s worse than that and that if you go back to the very beginning of the entire airline industry you find that the industry has been a net loss for investors from the get go.

  3. 3 Jeff Hess on June 6th, 2008 9:08 am

    Shalom Jill,

    That was the point the NPR story was trying to make.

    I rooting for a return to rail travel.

    B’shalom,

    Jeff

  4. 4 Jill Miller Zimon on June 8th, 2008 8:33 am

    I’d love high-speed rail.

  5. 5 Jeff Hess on June 8th, 2008 9:41 am

    Shalom Jill,

    High-speed rail is awesome, but I’d be happy with good ol’ fashion downtown-to-downtown service at 60 mph.

    B’shalom,

    Jeff

  6. 6 Have Coffee Will Write » Blog Archive » MY COMMENTS… on June 8th, 2008 9:45 am

    [...] Continental to cut 3000 jobs, 60+ planes, CEO & Pres forego salaries Posted in Life, The Universe & [...]

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