Hong Kong (CNN Business) Qantas has announced sweeping cost-cutting measures in light of the worsening novel coronavirus crisis, including slashing almost a quarter of all flights for the next six months and significantly reducing executive pay.

Qantas QABSY For the rest of this fiscal year, CEO Alan Joyce will forgo a salary, according to the Australian flagship carrier.Chairman Richard Goyder will stop taking management fees, and the executive leadership team will take a 30% pay cut.

The bulk of the cancellations will take place in Asia, where the virus outbreak originated. Flights in the region have been reduced by 31%. The airline will also lower capacity in the United States and the United Kingdom.

Jetstar, Qantas' budget airline, will also "make significant cuts to its international network," the company said.

The cancellations amount to a 23% drop in overall capacity. Prior to this week, the airline had already reduced its flight schedule, but it said Tuesday it would take more "decisive action to mitigate the significant adverse impact of [the] coronavirus."

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