CitationShares Adjusting Deliveries, Staffing

 - December 16, 2008, 11:21 AM

Fractional share provider CitationShares is reducing the size of its pilot workforce by 30 people, according to CEO Steve O’Neill. The Greenwich, Conn.-based company is offering an early retirement and temporary leave-of absence alternative to all pilots before determining how many will be affected by an involuntary furlough, he said. “The current worldwide business environment has slowed such that aircraft deliveries for 2008 have been postponed and planned deliveries for 2009 have been reduced. Given the fact that we hire pilots well in advance of the arrival of aircraft, we find ourselves in an overstaffed position.” Furloughed pilots will receive two months salary and full benefits through the end of March. CitationShares has also laid off eight office staff. “There are no other reductions in force planned at this time,” O’Neill said. “We have not changed our staffing models for flight crewmembers. And we believe that post-January 9 we will be adequately staffed for expected demand throughout 2009.”