Mike Rutter has been seen on TV saying, very earnestly but without much conviction, that management would share the pain equally. Ho, ho, ho.
Mind you, I would suggest that managers with no specific qualification, other than "experience" and perhaps a very common business qualification, will find it much more difficult to find a job than pilots and engineers who have a licensed skill to sell, so long as they are realistic about their value.
And that doesn't mean sell yourself dirt cheap! It simply means forget the line 'I got £xxxxxx with Flybe, so that's what I should get from any new job'.
Why do you think Flybe needs to shed staff? Because they cost too much.
If it's any consolation, Directors with share options are a lot poorer than they were some time ago. Not the breadline, of course, just not quite so wealthy.