Advertisement
UK markets closed
  • FTSE 100

    8,433.76
    +52.41 (+0.63%)
     
  • FTSE 250

    20,645.38
    +114.08 (+0.56%)
     
  • AIM

    789.87
    +6.17 (+0.79%)
     
  • GBP/EUR

    1.1622
    +0.0011 (+0.09%)
     
  • GBP/USD

    1.2525
    +0.0001 (+0.01%)
     
  • Bitcoin GBP

    48,703.04
    -1,398.65 (-2.79%)
     
  • CMC Crypto 200

    1,259.28
    -98.73 (-7.27%)
     
  • S&P 500

    5,222.68
    +8.60 (+0.16%)
     
  • DOW

    39,512.84
    +125.08 (+0.32%)
     
  • CRUDE OIL

    78.20
    -1.06 (-1.34%)
     
  • GOLD FUTURES

    2,366.90
    +26.60 (+1.14%)
     
  • NIKKEI 225

    38,229.11
    +155.13 (+0.41%)
     
  • HANG SENG

    18,963.68
    +425.87 (+2.30%)
     
  • DAX

    18,772.85
    +86.25 (+0.46%)
     
  • CAC 40

    8,219.14
    +31.49 (+0.38%)
     

Air Berlin names new CEO in push for return to profit

* Stefan Pichler to take helm in Feb 2015

* Pichler to drive forward restructuring programme (Recasts, adds more information on new CEO)

BERLIN, Nov 3 (Reuters) - German airline Air Berlin (Xetra: AB1000 - news) has named a new chief executive to take over a restructuring programme as it tries to return to profit.

Air Berlin, Germany's second-largest airline and 29 percent-owned by Abu-Dhabi based Etihad, said on Monday Chief Executive Wolfgang Prock-Schauer was standing down at his own request and will be replaced by Stefan Pichler on February 1, 2015.

The airline, which has made an annual net profit only once in the last six years, is cutting over 10 percent of its workforce, has scrapped plane orders, and has shaken up its route network as it bids to turn a profit.

ADVERTISEMENT

Pichler knows the travel industry well, having previously held the position of CEO at German tour operator Thomas Cook AG and managerial roles at Lufthansa and Virgin Blue Airlines.

The 57 year-old is CEO of Fiji Airways and has implemented a restructuring plan there that enabled the island nation's national carrier to report a record operating profit of $17.2 million in the first half of 2014.

"I am sure he will have an immediate positive impact," Air Berlin chairman Hans-Joachim Koerber said in a statement.

Fiji Airways signed an agreement in April with Etihad that allows reciprocal ticket sales on certain routes. An Air Berlin spokesman said the decision to appoint Pichler had nothing to do with Etihad.

Etihad, which has been building up its network by taking minority stakes in airlines, is under an investigation by German authorities, looking to see whether it exercises too much control over Air Berlin.

The airline said Prock-Schauer would continue to serve as member of the management board at Air Berlin but in the function of Chief Strategy and Planning Officer. (Reporting by Victoria Bryan; Editing by Arno Schuetze and Keiron Henderson)