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I noticed over the weekend that IAG has no replaced its long-standing CEO, Willie Walsh and now also replaced the CEO of main subsidiary British Airways.
Lots of commentary notes that the huge dispute with staff over the 13,000 job losses was hte root cause of the changes. I recall from day slong gone that Rod Eddington lost his job for the same reasons in the last decade and then Wille Wlash himself was booted upstairs because of staff disputes. Basically, fighting the unions at BA is the main job of any CEO. The company is stuck with a huge historic Union base in a way that competitors like Easyjet and Ryanair are not. It has always made BA a hardship to manage.
However, the current effect of covid-19 is having a massive impact. IAG has raised extra finances (€2.7 billion) to help them through the crisis, but the plans for next year are to have flying capacity at 70% of 2019 levels. That feels very optimisitc, with the pandemic accelerating across Europe, India and the US, international travel is going to remain limited well into next year. Plenty of people will have a fear of flying too caused by the pandemic.
Overall, I would be surprised if they got to 70% by the end of next year, after some vaccines have begun to be rolled out. To make it that far is going to need some epic cost cutting to really slim the airlines down, I can only see many airlines really surviving if Governments’ steps in to help with the blalance sheets.
