WHILE MICHAEL O’Leary gets ready to land a €20 million windfall from Ryanair’s decision to return surplus cash to shareholders in October, fellow Irish airline boss Willie Walsh has handed back his bonus to British Airways. It emerged this week that Walsh waived a £335,000 (€406,000) bonus for the year ended March 31st. That’s the third year in a row that Willie has not received a bonus.
The bonus was earned for punctuality and customer satisfaction ratings. However BA recorded a loss after tax of £425 million and, with his cabin crew in strike mode, Willie obviously decided it prudent to return last year’s booty.
Walsh also worked for free in July 2009 as a cost-saving measure, which cost him £61,250 in foregone earnings.
He still took home £690,000 in pay and benefits from BA last year, a sum not to be sniffed at in the current economic climate.
If he can resolve the bitter strike with cabin crew and their trade union Unite – which staff claim has cost BA £154 million to date – Walsh’s reward will be a bonus to match his annual salary of £735,000. It’s shaping up to be a big year for Willie on a number of fronts.
