TAP CEO could net €2M bonus

 In Aviation, News, TAP

The CEO of Portuguese airline TAP, Christine Ourmières-Widener is likely to receive an extraordinary bonus worth around 80% of her salary which could be as much as €2 million.

This is because the airline executive has met all of her objectives to restructure the airline, turning its operations from a loss-making outfit to a profitable company with a €1Bn turnover.
According to Correio da Manhã, the extraordinary compensation package in her five-year contract is the equivalent of around 80% of her gross annual salary. And according to a TAP report, the CEO of the airline is paid €504,000 per annum, so that the bonus she will receive at the end of the restructuring plan could be around €2 million.
When quizzed two weeks ago at a parliamentary hearing about her bonus that she would have the right to receive, Christine Ourmières-Widener would not reveal the amount, but told MPs: “I get a bonus if the restructuring plan is fulfilled, completely fulfilled. We are taking about a timeline to 2025 but that’s some way off”, she said.
In a message to TAP staff on the eve of the hearing, Christine Ourmières-Widener wrote: “Last year TAP enjoyed one of the best years ever in terms of revenues. In the third quarter of the year (TAP) posted its best quarterly result ever”, fulfilling the restructuring plan targets early by several years — a plan that will end in 2025. Christine Ourmières-Widener’s contract runs until June, 2026.
TAP posted a loss of €91 million for the nine months to September 2022, but managed a profit of €111 million between July and September. Turnover to September stood at €2.4Bn.