The mostly departed previous management (with huge unethical payoffs) had lofty ambitions to be the biggest kid on the block. It would appear that the new management are just being realistic and recognise that membership of the FTSE100 is not going to happen.
More importantly they appear to be adjusting the capacity to the demand for the product, which seems to be a failing in most airline/tour operating management.
Much better to preserve the bulk of the basically very good business, and make a profit on a smaller turnover, than make a loss by having to give away excess capacity.
Sadly as an industry there has historically been far too little discipline in controlling capacity, so it is hardly surprising that the industry as a whole has historically lost more than it has made.
Would you rather work for the smartest or the biggest kid on the block?
As far a pilot numbers are concerned, retention is likely to be more of a problem than it in the past, and if any reductions in numbers are sought they are likely to be found from volunteers.