Lufthansa: finance responsibilities to be split

(CercleFinance.com) - Lufthansa said it is reducing its executive board from seven to six members after CFO Ulrik Svensson had to resign from his position due to health reasons.


Saying that the current crisis is "not the right moment" to appoint a new CFO, the German airline is planning to distribute his responsibilities to existing board members.

As a result, the IT, digital and innovation department headed by Thorsten Dirks will be expanded to include significant parts of the finance department, the company said.

Earlier this week Lufthansa said that it would take "months" until the global travel restrictions are completely lifted and "years" until the worldwide demand for air travel returns to pre-crisis levels.

Based on these assumptions, the airline has decided to reduce the capacity of flight operations and administration over the long term, also announcing the mothballing of some of its aircraft.

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