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Horton: AMR needs to cut costs by $2bn annually
01 February 2012
Tom Horton, CEO, AMR, says the company needs to specifically trim employee-related costs by more than $1.25 billion a year.
In a letter to employees on Wednesday, Tom Horton, CEO, AMR Holdings, says by 2017 the company needs $3 billion in annual improvements, which includes increasing revenue and cutting costs. AMR Holdings, the parent company of American Airlines (AA), filed for bankruptcy protection on November 29 last year.
“The world has changed around us and this is our moment to adapt or lose the opportunity forever,” Horton says in the letter. “[We] will end this journey with many fewer people....
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