Word: aer
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Dates: during 2000-2009
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This month the game is looking frenzied. On Dec. 1, Ryanair made a $1 billion takeover bid for Irish flag carrier Aer Lingus, the second such offer from Ireland's no-frills airline in as many years. The Irish carrier has rebuffed the offer, but shareholders have until Jan. 5 to decide. (See TIME's Top 10 business deals...
...risk overshadowing the real progress that the 45-year-old Dubliner has made at BA since taking over in 2005 as its youngest ever boss. The scale of the challenge of running BA, Europe's third largest airline, after his four years as boss of the Irish carrier Aer Lingus "was easy," says Walsh. "I just multiplied everything by 10." That applied to problems too. When he arrived, the company's pension fund was short by almost $3 billion, more than the shortfall at any other major British firm. And the payroll for BA's 46,000 employees sucked...
Fired up by the math, Walsh (a former Aer Lingus pilot who landed the top job there in 2001) quickly got to work cutting the figures down to size. On his first Monday at BA, he set about reaching a deal with trade unions to rub out the pension's deficit over the next decade through one-off cash injections and changes to employee benefits. Two months later, "Slasher," as Walsh was known while rescuing the Irish carrier from the brink, cut hundreds of senior managers. Soon afterward, he unveiled a blueprint for shrinking BA's costs by close...
...risk overshadowing the real progress that the 45-year-old Dubliner has made at BA since taking over in 2005 as its youngest-ever boss. Adjusting to the scale of the challenge of running Europe's third-largest airline after four years as boss of Irish carrier Aer Lingus "was easy," says Walsh. "I just multiplied everything by 10." Not all of BA's bigger numbers meant better. When he arrived, the company's pension fund was short of almost $3 billion, more than the shortfall at any other major British firm. And payroll for BA's 46,000 staff...
Fired up by the math, Walsh (a former Aer Lingus pilot who landed the top job there in 2001) quickly got to work cutting the figures down to size. On his first Monday in the BA job, he set about reaching a deal with trade unions to rub out the pension deficit over the next decade through one-off cash injections and changes to employee benefits. Two months later, "Slasher" - as Walsh was known at the Irish carrier for culling a third of its staff while rescuing it from the brink - went to work on BA's head count. Hundreds...