No bonus for BA boss
Despite having a profitable year, British Airways' head Willie Walsh has denied himself a bonus due to the disappointing opening of Heathrow's Terminal 5. It may be awhile before another bonus, as Stephen Beard reports.
Passengers make their way to check-in in the departures area of Terminal 5 at Heathrow Airport. (Cate Gillon/Getty Images)
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Renita Jablonski: British Airways has reported bumper profits for its fiscal year, but BA's boss has denied himself a bonus. That's because of the fiasco over the airline's new terminal at Heathrow Airport. From London, Stephen Beard reports.
Stephen Beard: BA has emerged from under a mountain of delayed luggage and a mob of angry passengers to announce a glittering set of figures. A 45 percent rise in annual profits to $1.75 billion. That makes BA the most profitable, if not the most popular airline in the world.
The boss, Willie Walsh, apologized again today for the chaotic opening of the new terminal. And he performed the ultimate mea culpa: He turned down a bonus which would have been worth well over $1 million:
Willie Walsh: I thought it would be inappropriate in the context of the very disappointing opening of Terminal 5. So despite the fact that it was a record year in terms of our financial performance, I thought it would be inappropriate.
He may have to wait a while for another bonus. Analysts say the high price of oil, a looming strike by BA pilots and the reputational damage caused by Terminal 5 will hit BA's profits in the current year.
In London, this is Stephen Beard for Marketplace.
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