Lufthansa yesterday announced a major restructuring program that targets cost cuts in the passenger airline division by €1 billion annually from 2011. The carrier wants to reduce overhead costs by 20% and will likely eliminate 400 management positions, Executive Board member Christoph Franz wrote in a letter to employees. Franz is also CEO of the passenger airline. The program is called Climb 2011. Franz makes clear that “the present economic crisis is not the cause of our difficult ...

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