2-Sep-2011 12:31 PM

Lufthansa cost savings ‘on track’

Lufthansa board member Stephan Lauer told Reuters on 01-Sep-2011 the airline remains on track to achieve EUR1 billion in cost reductions in the passenger business by the end of the year. Cost reductions are part of CEO Christoph Franz’s Climb 2011 cost-cutting initiative, a major project the CEO launched on joining the board. Mr Lauer said the airline’s proposal of Jaan Albrecht, currently Star Alliance CEO, as CEO of subsidiary Austrian Airlines, demonstrates Lufthansa’s commitment to Austrian.