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Business Evening - "Companies in Transition: The Turnaround Process at Austrian" with Dr. Karsten Benz

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Business Evening Dr. Karsten Benz

The airline business and the automotive industry have similarities, for examples both are dealing with the increasing mobility, the rapid globalization as well as both are driven by the innovation and also innovation driver, to decrease the emission, development of new engines, production of airplanes and others. Like automotive industry European airlines confronted with the global challenges. Dr. Karsten Benz, Chief Commercial Officer & Member of the Executive Board of Austrian Airlines gives an overview about the actual situation of the airline business and his experience within Austrian Airlines.

The airline industry is one of the key drivers of the global economy as well as European economy. Around 8 million jobs are supported by airlines and the related industries in the European Union. With worldwide more than 2.2 trillion USD the airline industry has a remarkable impact on the global economics. But the European airlines are in turbulences and confronted with challenges, like subsidized low cost airlines, a lack of global rules for competition, regulations, increasing jet fuel prices, decreasing ticket prices and others. As he joined the Austrian Airlines in April 2012 the company was in big trouble and almost bankrupt. He has taken part in the restructuring process of the Austrian Airlines to secure the turnaround by cutting costs and identifying new revenue streams. Based on a 7-Step restructuring process, a strategy review and management change Austrian Airlines is gaining altitude to become sustainably profitable.

It was a great opportunity to get an overview about the European airline industry and its challenges and to find the similarities with the automotive industry how to deal with the global challenges.