LyrArc Article Gist
Aeroflot is listed on the London stock exchange. It is going through a makeover by ordering Boeing and Airbus planes to become profitable, because the older Russian made Tu-154 planes were costly to operate with higher fuel consumption. The Sukhoi Superjets are being built in partnership with Boeing. Kramer says the aircraft industry operates on long timelines so that the lack of local aircraft comparable to Embraer of Brazil and Bombardier of Canada is more a reflection of the situation in the 1990's than of today. Newer aircraft are planned for the next decade for smaller midrange planes. In the meantime Aeroflot is selling all of its Tupolev aircraft and plans to layoff 6000 workers during the transition to profitability. Till 2009 Aeroflot was run by Yeltsin's son-in-law, as were many other companies managed by Yeltsin's inner circle during that period. Following changes made by Putin in 2009, a new CEO was appointed to better manage the transition of the airline into a national and global carrier.