Emirates Group will not distribute a bonus to staff this year
Separately, Emirates airline's chief commercial officer, Thierry Antinori, resigns after drop in profit
Emirates Group, owner of the world’s biggest long-haul airline, said it will not be awarding its employees an annual bonus for the fiscal year through March after reporting a decline in full-year earnings.
The company will not distribute the annual extra compensation it pays out to its staff in 2019, an Emirates spokeswoman confirmed. The last bonus was distributed in 2018.
The group typically gives the benefit to employees through a profit-sharing scheme at the end of each financial year. Bloomberg earlier reported staff will not get a bonus after the company missed a Dh4.5bn internal target. Emirates declined to comment on the profit target.
The company paid a dividend of Dh500 million to its state shareholder Investment Corporation of Dubai, down 75 per cent from a year ago.
Emirates last week reported a 44 per cent drop in net income to Dh2.32 billion, citing higher oil prices, a strong dollar and fierce competition that squeezed its margins as the airline reviews its future network.
Separately, the Dubai airline said its chief commercial officer Thierry Antinori resigned from his role, declining to comment on the date and reason for his departure.
The long-time executive's resignation comes few days after the airline reported its lowest profit in a decade, down 69 per cent to Dh871 million.
The Frenchman started working at Emirates in 2011 as executive vice president for passenger sales worldwide before rising the ranks to chief commercial officer in 2013, according to Emirates' website. He was responsible for commercial operations and products, Emirates Skywards and Emirates Skycargo.
In 2016, Mr Antinori said he declined an offer to be chief executive at Air France-KLM, saying he preferred to stay with Emirates.
Adnan Kazim, the divisional senior vice president of strategic planning, revenue optimisation and aeropolitical affairs, will take on the role of acting chief commercial officer in addition to his responsibilities, a company spokeswoman said.
Updated: May 13, 2019 03:09 PM