Vagn Soerensen Voted Manager of the Year

Austrian Airlines Chief Executive Officer Vagn Soerensen has been voted Manager of the Year by 24 of Austria’s most influential and respected business journalists. The Austrian weekly magazine NEWS placed Mr. Soerensen top out of the 100 most important businesspeople active in Austria today. The decision was based upon what the journalists called “...his inspired programme of restructuring.”

The shorthand version of the judges’ reasons for giving Mr. Soerensen the award:
No. 1 Vagn Soerensen. Chief Pilot. Has turned the situation around at the Austrian Airlines Group, and is steering the airline through all turbulences in masterly fashion. Continues to defy low-cost carriers.

And their recognition of his achievements in more detail:

“First place goes to airline boss Vagn Soerensen - just a year at the helm, and already he is on the winner’s podium. The Danish export has passed his biggest test on his first try. In the year since Vagn Soerensen became Chief Executive Officer of Austrian Airlines, he has succeeded in turning the company around at a time when it is coming under heavy fire. After losing EUR 164 million in the disastrous year of 2001, the Austrian national carrier recently landed a clear-cut profit. Soerensen has also successfully defended the company against the onslaught of the low-cost carriers.”

The extensive judgement also recognised the company’s historic result from operating activities (EBIT) in the third quarter of 2002, which totalled EUR 35.6 million. In his results forecast for the full year 2002, Vagn Soerensen has since reported to the Supervisory Board of Austrian Airlines AG that the company EBIT will exceed EUR 40 million.