Olympic Air’s new Board of Directors announced (2-Mar-2011) plans to "reshape the company's planning, focussing on strategic development". The target for Olympic Air is to "become a leader in south-east Europe by exploiting the competitive advantage of its high-quality services". The carrier stated EU’s Competition Commission decision not to approve the merger with Aegean Airlines disrupted plans of creating a single major Greek airline with pan-European range. Combined with the "difficult conditions and medium-term prospects of the market", the carrier now plans to revise its flight schedule and operations as follows:
- Domestic network: The carrier will add the following domestic routes: Athens-Corfu, Athens-Alexandroupolis, Thessaloniki-Heraklion, Thessaloniki-Chania, Thessaloniki-Mytilene and Thessaloniki-Rhodes;
- International network: The international network is adjusted to maintain or expand services to Amsterdam, Belgrade, Bucharest, Cairo, Istanbul, Larnaca, Sofia and Tirana, while cancelling routes to Vienna, Brussels and London from 27-Mar-2011 and Paris from 02-May-2011;
- Codeshare agreements: All existing agreements on codeshare flights with Delta Air Lines for flights to US and Etihad Airlines to Australia and South Africa, will continue. Further international agreements will be evaluated;
- EU appeal: Olympic Air together with Aegean Airlines will appeal against the decision of the European Competition Commission not to approve their merger. [more- Network] [more - Strategy]
Olympic Air: "After 15 months of operations Olympic Air has presented obvious results to all Greek citizens. In our effort to revive our historical and national carrier, we plot a new course today in order to shield the sustainability of our initial commitments. Our new strategy obviously takes into consideration both the decision of the Competition Commission and the ongoing turmoil in the markets. However, our central and non-negotiable target remains to provide the highest quality services to our passengers, while the reorganisation of our network will allow us to address more effectively the challenges that surround us and to maintain the leadership profile of Olympic Air in our region," John Karakadas, President. Source: Company Statement, 02-Mar-2011.