Enter multiple symbols separated by commas

JetBlue CEO Agrees to Have His Salary Slashed

JetBlue's chief executive agreed to halve his salary on Monday in a show of solidarity with employees as the low-cost carrier struggles with soaring fuel prices and a slowing U.S. economy.

David Barger, who took the helm at JetBlue last year after founder David Neeleman stepped down, is to have his base salary cut to $250,000 from $500,000. The cut only applies for the six months from July through December, according to a regulatory filing.

Last week, JetBlue reported a $7 million quarterly loss, as Barger said revenue gains were not keeping pace with rising jet fuel prices. The carrier has put growth plans on hold and deferred deliveries of new planes as it prepares to cut capacity this winter to cut costs.

JetBlue, the U.S. No. 8 carrier, is 19 percent owned by German airline Lufthansa.

Contact Autos


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.