Friday, February 1, 2013

Gulf Air Restructuring, The Final Version

Following the appointment of the new Board; the Chairman, the Executive Restructuring Committee and the GF Management have been working on a balanced restructuring strategy. The startegy is designed to reduce losses, improve customer services and better serve the Kingdom of Bahrain.

The new strategy was announced in mid January 2013. It reaffirmed the strategy adopted earlier. The strategy focused on the following:

1. A realigned network that puts emphasis on MENA operations to better serve the customers. It also aims at reducing losses by shedding unprofitable stations, eight have been closed down already.

2. A simplified modern fleet; GF has previously come to a agreement with Airbus to change the A330 order into A320 and A320NEO aircraft to meet the regional operation requirements. It also reduced its B787 order from 28 to12 to 16 aircraft. 

3. A right sized workforce through a performance based review and individual job assessments against business requirements. The aim is to simplify the organization. Gulf Air management has met in mid January 2013 to brief the unions and the Ministry of Labor on their down sizing plans.

The plan is aimed at reducing costs by 24% by the ned of 2013 and increasing revenue by 9%.

The Board will meet on a monthly basis to review the restructuring progress.

The new restructuring policy is no different than the one adopted in the last three years

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