IAG chief hails Iberia management as loss narrows sharply

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IAG chief Willie Walsh has praised the Iberia management team led by Luis Gallego after a year in which the Spanish carrier more than halved its operating loss – from €351 million to €166 million – through cost cuts and improvements in unit revenues.

"I think the impact they’ve had in the short time they’ve been running the business has been truly phenomenal," says Walsh. "You can see that the progress is reflected in the financial performance."

Walsh indicates that the focus now is on "the opportunity that will be provided to us going forward once we reach formal agreement with the trade unions on the restructuring of the business".

Iberia has reached preliminary agreement with pilot union SEPLA and cabin crew representatives on deals covering salary reductions, productivity improvements, new pay scales, and potential redundancies.