Etihad cuts back drastically on global ambitions amid huge financial losses
Abu Dhabi — Etihad Airways CEO Tony Douglas laid out plans to scale back the carrier’s global ambitions following almost $3.5bn in losses, saying more jobs may be cut and that jet orders are in doubt after a "whirlwind" six-month review since he took charge. Douglas will take personal responsibility for the main airline business, moving incumbent Peter Baumgartner to the new position of special adviser, and confirmed that Etihad will focus more on serving Abu Dhabi, where it’s based, than carrying globe-trotting passengers between continents. The CEO revealed in an interview that thousands of jobs have already gone as Etihad puts the brakes on a long-running and costly attempt to close the gap to larger Persian Gulf rivals Emirates and Qatar Airways. He’s also in negotiations with Airbus and Boeing after concluding that doubling the fleet is no longer viable, calling into question dozens of 100 wide-body orders. "The eventual aim of this process is for Etihad to be in the best shape...
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