Royal Jordanian (RJ) president and CEO Hussein Dabbas has announced he will step down June 1, according to multiple media sources. Dabbas was promoted from VP-marketing, sales and services in August 2009, replacing president and CEO Samer Majali.
RJ earlier this year announced cost-cutting measures including reviewing fleet size, reducing its network, and implementing a hiring freeze to combat sharp increases in fuel prices and falling demand due to unrest in the region and the euro zone crisis. Its fuel costs in 2011 jumped 44% year-over-year to JD293 million ($411.7 million), compared to JD203 million ($285.3 million) in 2010, pushing overall operations costs up approximately 20%.
In January RJ said it expected revenues of JD682million (958.3 million) for the full year 2011. It incurred a first-half 2011 net loss of JOD39.2 million ($55.5 million) on a 3.5% increase in revenues to JOD303.7 million ($426.8 million).
It canceled more than 1,300 flights in 2011 due to the political unrest in the region. RJ celebrated its 48thanniversary on Dec. 15, 2011.
Article Source : ATW Daily News
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