Walsh’s pay rises as BA struggles
BRITISH AIRWAYS (BA) boss Willie Walsh pocketed a six per cent pay rise last year, it emerged yesterday, despite a dismal year for the UK’s flag carrier.
Walsh’s basic salary was £735,000 – up five per cent from £701,000 the previous year. His pension fund was also topped up to £90,000 from £81,000.
The news comes a day after it emerged that Walsh was butting heads with unions over slashing 2,000 jobs, as the ailing airline desperately seeks to restructure.
Last month, BA reported record breaking losses of £401m, down from record profits of £922m last year.
Andrew Fitchie of Collins Stewart put out a horrendous note on the airline.
“Current trading is dire,” he said, adding that “consensus estimates of a £200m operating loss for the year look optimistic; this could at least double if current trading persists.”
Fitchie went on to say that there was a possibility of significant industrial unrest over the next month, and that BA’s merger talks with Spanish flag carrier Iberia were “making little progress.”