Some 200 jobs are going at Gatwick Airport as it "protects the business" against the impact of Covid-19.
Staff employed on temporary fixed-term contracts and contractors are those losing their jobs.
Stewart Wingate, the chief executive officer, and his executive team will take a 20 per cent salary cut and waive any bonus for the current financial year.
Gatwick began early morning closures on Tuesday, also due to fewer passengers.
The airport said reducing costs would "safeguard the financial resilience of the business - and prepare it for a quick recovery".
Mr Wingate said he "very much regrets" the decision.
He said: "The world has changed dramatically in recent weeks and we have been forced to take rapid, decisive action to ensure that the airport is in a strong position to recover from a significant fall in passenger numbers.
"Significantly reduced passenger numbers are likely to be sustained, at least in the short to medium term, and I need to prepare people for the news that other serious measures are likely."
The UK's second largest airport, in West Sussex, directly employs about 2,500 people, while about 30,000 work at the airport under airline, retail and baggage handler employers.
Gatwick is also consulting with employees on further measures to reduce operating costs, including options for unpaid leave and temporary salary reductions for staff.
Currently the airport is closed to flights between midnight and 05:30 GMT.
Source: BBC