A total of 6,940 employees have volunteered for unpaid leave, part-time working or unpaid work, which will save the beleaguered airline £10m.
Walsh and BA’s chief financial officer Keith Williams will work for nothing during July, as part of the airline’s cost-cutting survival plan.
BA nosedived from a record profit last year to a record loss before tax of £401m for the 12 months ended 31 March.
As wells as the pay cuts, the airline has made hundreds of redundancies.
Walsh said: ‘This is a fantastic first response. I want to thank everyone who has volunteered to help us pull through this difficult period. This response clearly shows the significant difference individuals can make.’
Staff could volunteer for between one and four weeks of unpaid leave or unpaid work, with the pay deduction spread over three or six months.
The options also included switches to part-time working or longer periods of unpaid leave.
Staff will have further opportunities to take part in the programme later in the year.
However, union officials pointed out that Walsh and Williams earn £735,000 and £440,000 a year respectively, while average annual salary for BA cabin staff is £29,900.
Rival carriers have also had to tackle their wage bills. Ryanair pilots agreed to a 12-month pay freeze with productivity increases instead of a 10% pay cut proposed by the airline, while Virgin Atlantic staff will see their pay frozen.
See also:
BA calls on staff to work for free (17/06/2009)
BA plans further cuts after record loss (22/05/2009)
BA/union talks continue as 300 jobs go (03/04/2009)
Ryanair to cut costs by 5% (18/03/2009)
BA staff face further redundancies (06/03/2009)
BA in union talks as £70m loss unveiled (06/02/2009)
Virgin implements pay freeze (27/01/2009)