Alex Cruz wearing a suit and tie smiling and looking at the camera: Alex Cruz is stepping down as the CEO of British Airways. Geoff Caddick - WPA Pool/Getty Images


© Geoff Caddick – WPA Pool/Getty Images
Alex Cruz is stepping down as the CEO of British Airways. Geoff Caddick – WPA Pool/Getty Images

  • British Airways boss Alex Cruz is stepping down, and will be replaced by Aer Lingus CEO Sean Doyle.
  • The owner of British Airways, International Airlines Group, said the airline industry was facing its worst crisis in history.
  • Cruz told a government committee in September that the airline was burning through £20 million ($25.9 million) a day and “fighting for its survival.”
  • It plans to cut 13,000 jobs because of the coronavirus pandemic.
  • Visit Business Insider’s homepage for more stories.

The CEO of British Airways, Alex Cruz, has stepped down, the airline’s parent company International Airlines Group (IAG) said Monday.

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Cruz, who was appointed chairman and chief executive of the flag-carrying airline in 2016, will be replaced by Sean Doyle, the CEO of Aer Lingus, the Dublin-based airline also owned by IAG.

BA’s new CEO Doyle worked for British Airways for 20 years in various roles including as director of network, fleet, and alliances, before becoming Aer Lingus’ chief executive in January 2019.

IAG chief executive Luis Gallego said British Airways was “navigating the worst crisis faced in our industry.”

The airline, which employs 42,000 people, announced plans to cut up to 12,000 jobs in April. This has since been increased to 13,000. 

Gallego thanked Cruz for working “tirelessly to modernize the airline,” adding that he has “has led the airline through a particularly demanding period.” 

Cruz told a government committee on September 16 that the coronavirus pandemic “has devastated our business, our sector, and we’re still fighting for our own survival,” adding that the company was burning through £20 million ($25.9 million) per day.

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By Byron Kaye

SYDNEY (Reuters) – Australian casino billionaire James Packer on Thursday said international tour operators helped Chinese gamblers circumvent Chinese capital controls, and that his company gave incorrect public statements distancing itself from the so-called junkets.

The Crown Resorts Ltd <CWN.AX> founder and one-third owner shared his perception of the travel agents who bring gamblers, often from China, to casinos at an Australian government inquiry. The inquiry is being held to determine whether the company should be allowed to run a A$2.2 billion ($1.6 billion) casino in Sydney’s tallest building.

So far during the inquiry, taking place just two months before the 75-floor tower’s scheduled opening, Packer has agreed that he sold a stake in Crown to Hong Kong’s Melco Resorts & Entertainment Ltd <MLCO.O> contrary to a ban on doing so.

In his third day testifying, Packer was asked about Crown’s relationships with junket operators after the company placed full-page advertisements last year attacking media reports saying Crown dealt with junkets linked to organised crime.

Asked if he knew China’s government had started limiting the flow of money offshore in 2013, Packer said he did. Asked if he viewed junket operators at the time as able to help Crown customers move money out of China, he said: “Yes I believe so”.

He said he never turned his mind to the possibility that junket operators were involved in money laundering. He said he had heard “rumours” about junkets being linked to organised crime but did not know if they were true.

In the newspaper advertisements, Crown described the media reports as “a deceitful campaign”, and said its only junket was Hong Kong-listed Suncity Group Holdings Ltd <1383.HK>.

The lawyer questioning Packer, Naomi Sharp, told the inquiry that Crown used at least four junkets at the time including one

Ford’s chief financial officer is leaving the company less than two years after joining from technology group Snap as the US carmaker announced a series of management changes on new boss Jim Farley’s first day in charge.

Tim Stone, who joined in April 2019, will move to AI software group ASAPP as its finance and operations chief, Ford announced.

He will be replaced by John Lawler, a 30-year veteran of Ford, who most recently ran the group’s autonomous vehicle unit.

Mr Farley, who replaced Jim Hackett as Ford chief executive on Thursday, also unveiled a clutch of changes and set out plans for the company he has been tasked with turning round.

Shares dropped 40 per cent under the tenure of Mr Hackett, the former office furniture executive who was a surprise appointment as Ford’s boss three years ago.

While Mr Hackett struck a deal with VW to share some key technologies and launched an $11bn global turnround plan, the group has been slow in the transition to electric cars while its profitability has been sapped by the pandemic and global trade war.

Mr Farley said the company had “made meaningful progress and opened the door to becoming a vibrant, profitably growing company”, under his predecessor’s tenure. “Now it’s time to charge through that door.”

He reiterated Ford’s plan to make an 8 per cent earnings margin, a long-term ambition for the company that has been hobbled by Covid-19.

Ford is expected to post a loss this year due to a softer global car market, but also in part because the company will spend the final months of the year retooling its plants for the new version of its bestselling F-150 pick-up truck.

The company on Thursday said that it planned to devote more capital to its strongest franchises, which

Syracuse, NY — Former Upstate administrator Sergio Garcia pleaded guilty to a misdemeanor Wednesday, admitting that he submitted a puffed up resume to get his $340,000-a-year job at the taxpayer funded university and hospital.

Garcia’s plea bargain left Upstate’s former Chief of Staff with a criminal record, but spared him a felony conviction. Prosecutor Melanie Carden had sought a felony, accusing Garcia of intentionally lying on his resume as part of a greater plan to defraud the university; Garcia’s lawyer, Joseph Bergh, had argued no crime was committed, saying his client simply exaggerated his resume.

The plea comes after a long-running investigation that began after Garcia quit in 2018 following a controversial speech that included exaggerated remarks about his foreign service. The subsequent investigation uncovered exaggerations on his resume about his work in the U.S. Department of State — he wasn’t “Chief of Staff,” as he claimed — and there were questions about the validity of his college degree.

In court, Garcia admitted to “falsehoods and exaggerations” on his resume.

He would have escaped criminal charges if he’d puffed his resume to work for a private hospital. But because he was hired by then-Upstate President Danielle Laraque-Arena to work at a public institution, his resume was considered an official government document.

That led a grand jury earlier this year to indict Garcia on felony charges of defrauding the government and filing a false instrument. Garcia pleaded guilty to the misdemeanor version of filing a false instrument, admitting that he filed false information with the state-owned hospital, but not that he was intentionally defrauding taxpayers.

The investigation isn’t over. Left undecided after Garcia’s plea is how much money he stole from taxpayers by taking his huge yearly salary in portions of 2017 and 2018.

A judge, Gordon Cuffy, will hear arguments

Five years after “dieselgate” emissions cheating revelations rocked the car industry, ex-Audi CEO Rupert Stadler on Wednesday became the first top executive to stand trial in Germany.

Stadler, 57, appeared before the Munich district court to answer charges of fraud, falsifying certifications and false advertising.

He wore a face mask as a precaution against the coronavirus as he arrived but then took it off in court.

With him in the dock are former Audi and Porsche manager Wolfgang Hatz and two Audi engineers, all charged with fraud.

German car giant Volkswagen — whose subsidiaries include Porsche, Audi, Skoda and Seat — admitted in September 2015 that it had installed software to rig emissions in 11 million diesel vehicles worldwide.

No senior executive has been convicted so far in connection with the 'dieselgate' scandal in Germany No senior executive has been convicted so far in connection with the ‘dieselgate’ scandal in Germany Photo: AFP / RONNY HARTMANN

The so-called defeat devices made the vehicles appear less polluting in lab tests than they were in real driving conditions when they spewed out toxic gases way beyond the legal limit.

Not a single senior executive has been convicted over the scam in Germany, although two VW employees have received jail terms in the United States.

Intense media interest in the Stadler case coupled with social distancing requirements led court officials to move proceedings to a larger room in a justice building outside the city centre.

The complex trial is expected to last until December 2022.

Prosecutors opened the proceedings by reading aloud the indictment, which is more than 90 pages long.

If found guilty, the accused face up to 10 years in jail.

Former Audi chief executive Rupert Stadler denies accusations that he knew of plans to defeat pollution testing devices Former Audi chief executive Rupert Stadler denies accusations that he knew of plans to defeat pollution testing devices Photo: AFP / CHRISTOF STACHE

Volkswagen has always insisted that the diesel trickery was the work of a