Air Berlin PLC, Germany’s second largest airline has announced that its CEO will quit from his position and the airline has been planning to cut a few routes due to the losses occurred from the increase in the fuel prices.
Joachim Hunold, the founder of Air Berlin will be resigning from his position of CEO on September 1. Hartmut Mehdorn, a former Chief Executive of Germany’s national railway will be taking his position.
The news of the CEO’s resignation came after the announcement of the weak second-quarter results and the plans of a few cut backs of the routes.
Hunold stated, “In order to become profitable, we need to make cuts in our flight routes and in our fleet”.
Air Berlin has notified that it will focus on its centers in Berlin, Duesseldorf, Palma de Mallorca and Vienna. The routes that will face the cuts will be Frankfurt-Hamburg domestic flights, Frankfurt-Naples, Munich-Cairo, Duesseldorf-Paris, Muenster-Osnabrueck, Hannover and Paderborn to London.
The second-quarter revenue results announced by the airline indicated an up of 27.3% compared to the last year’s results. Its net loss came in at 43.9 million Euros.
The shares of the company climbed after the announcement of Hunold’s departure but dropped in the later trading by 3.4% at 2.47 euro in Frankfurt during the middle of the day.
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