March 14, 2018 / 9:49 AM / 3 months ago

Lufthansa extends contract of CEO Carsten Spohr

BERLIN (Reuters) - German airline group Lufthansa (LHAG.DE) has extended the contract of its Chief Executive Carsten Spohr for a further five years, with the manager set to report another record year in terms of financial results later this week.

The CEO of German airline Lufthansa, Carsten Spohr, presents the new Lufthansa logo during a press event in a maintenance hangar of the airline at the airport in Frankfurt am Main, Germany February 7, 2018. REUTERS/Ralph Orlowski

Spohr’s contract has been extended to December 2023, Lufthansa said in a statement on Wednesday.

Spohr has been CEO of Lufthansa since 2014 and has expanded its budget unit Eurowings in the face of low-cost competition, navigated a series of strikes from staff and handled the company’s response to the crash of a Germanwings aircraft in 2015.

The group is due to report 2017 results on Thursday, with analysts on average forecasting adjusted EBIT of 2.8 billion euros ($3.46 billion).

($1 = 0.8083 euros)

Reporting by Victoria Bryan; Editing by Maria Sheahan

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