June 16, 2020 / 10:15 AM / 18 days ago

Iberia's fleet will be smaller in coming 5 years, change is structural-CEO

FILE PHOTO: An Iberia Airbus A319-100 airplane takes off from the Adolfo Suarez Madrid-Barajas airport as seen from Paracuellos del Jarama, outside Madrid, Spain, August 8, 2018. REUTERS/Paul Hanna

MADRID (Reuters) - The fleet of Iberia airline, a Spanish unit of International Consolidated Airlines (ICAG.L), will be smaller in the coming five years, its chief executive Luis Gallego said.

“The Iberian fleet is going to be smaller over the next five years. It is not temporary but structural,” Gallego, who will take over as the next chairman of IAG in September, told a business conference held in Madrid.

The airlines industry is battling its biggest ever crisis, with governments in Europe and the United States providing payroll support and cheap loans.

Reporting By Inti Landauro, writing by Jesús Aguado; editing by Emma Pinedo

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