March 14, 2018 / 9:49 AM / 9 days 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.

FILE PHOTO - Lufthansa Chief Executive Officer Carsten Spohr attends the annual shareholders meeting in Hamburg, Germany May 5 2017. REUTERS/Fabian Bimmer

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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