From CNN's Greg Wallace and Kylie Atwood
The company’s cuts include cutting back 70% of its capacity, further pay cuts for executives and company leadership, as well as paring back its operations in airports around the country – including its major hub in Atlanta. “With fewer customers flying, we need less space in airports,” Bastian wrote. “Among other initiatives, we will temporarily consolidate airport facilities in Atlanta and other locations as necessary and close the majority of our Delta Sky Clubs until demand recovers.”
“We are reducing our active fleet size by parking at least half of our fleet – more than 600 aircraft,” he wrote, as well as retiring older planes.Bastian did not announce any layoffs, but he did not count out the possibility. “I know everyone is concerned about the security of your jobs and pay. Given the uncertainty about the duration of this crisis, we are not yet at a point to make any decisions," Bastian wrote.Bastian's message followed a telephone call he and executives at other US airlines held with President Trump to discuss the state of the industry and its request for billions of dollars of government financial assistance.
China has infected the world economically and physically
He made 40.7M over the last 3 years..
Where are the other half going?
Was this before or after the bought back their stock?