Kenya Airways posts first loss in 13 years – Commercial Director resigns
June 5, 2009
Written by kenyanobserver, in BUSINESS
Kenya Airways has posted it’s first loss in 13 years. It lost Kshs 5.6 billion (US$ 80.9 million) for the year ended March 31st compared to a pre-tax profit of Kshs 6.5 billion (US$ 93.2 million) the previous year.
Richard Nuttal, the company’s commercial director since June 2008 tendered his resignation shortly before the results were released and reports indicate that he bet heavily on fuel hedging but things did not work as planned.
Mr. Nutall has extensive experience in the airline industry and is credited with turning around Phillipines Airlines from the brink of bankruptcy in 1999 according to the company’s website.
photo source: Kenya Airways
Well, that’s what principled leadership is all about. You take responsibility for your decisions and leave when things don’t work out. Don’t expect any resignations from the Kenyan staff though
Well accountability is good. Lets face it, running successfully for 13 years is no mean achievment and is commendable. This Industry is cut-throat and tough, and bad decision by the Director has resulted in a loss after a long time. I do wish they turn it around this year which is going to be an uphill task going by the economic trends worlwide.