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KQ to sack 600 employees in May

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Kenya Airways has announced that 600 employees will lose their jobs as it moves to restructure its operations. KQ has been in the limelight since CEO Mbuvi Ngunze took over last year, recording record losses and has struggled to stabilize over the years.

Through tweets from the airline’s official handle, KQ said the process will begin in May 2016 and will see close to 600 people lose their jobs through redundancy while others will be redeployed.



“The Board has, after re-evaluating the various options, come to the painful decision that part of the required overhead savings will be derived from a decrease in staff headcount. We will embark on a restructuring process that will result in approximately 600 (six hundred) members of staff being declared redundant or redeployed elsewhere should their terms of service allow it,” said KQ.

The airline made the disclosure on Twitter.
The airline made the disclosure on Twitter.

Kenya Airways, the Sub-Saharan Africa’s third-largest airline, has been on a Sh70 billion restructuring programme that it began with reducing its fleet.

Kenya Airways shares have fallen 30 percent since July 30, when the company reported a 25.7 billion-shilling loss and has continued to sink even deeper. Last month, the airline appointed PJT Partners Inc. to advise on how to restructure the company’s balance sheet and raise long-term financing.



See Also >>

  1. What the restructuring plan means for Kenya Airways
  2. Airline wins employee safety award
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COLLINS OGUTU
COLLINS OGUTUhttp://Businesstoday.co.ke
The writer, a correspondent with Business Today, is a football commentator and finds the money factor in the game. Email him at: [email protected]
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