Thursday 10th July 2008
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Chief executive Rob Fyfe announced the move in a message to staff. The airline is facing one of its most-challenging periods as weakening economic growth saps consumer demand worldwide, he said. The freeze on senior management salaries was confirmed by a spokeswoman for the airline.
The price of jet fuel has soared more than 80% in the past year as crude oil rose to a record.
Air New Zealand stock last traded unchanged at NZ$1.10, having declined from more than NZ$2.60 in the past 12 months.
Air New Zealand raised airfares for the fourth time this year last week. In May, it said full-year profit may fall, reflecting increased costs.
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