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Sammanfattning: This study aims to contribute a nuanced picture of the complex phenomenon of crisis communication during covid-19. It is performed by examining CEO letters published by an organization in their annual report during different stages of a crisis. The aim is further to examine and interpret the balance between communicating positivity for the future while acknowledging the consequences that have arisen. The research questions are concentrated on how crisis communication is used to protect and strengthen organizational trust and reputation through different stages of a crisis. The research is based on a social constructionist perspective and examines through a qualitative text analysis a listed company within the hotel industry's CEO letters for three subsequent years. The analysis is conducted with a theoretical framework consisting of Situational Communication Theory, Discourse of Renewal and Framing Theory. To answer the purpose and research questions via the theoretical framework, categories for analysis have been created. The categories within the analysis consist of: addressing the crisis, actual consequences and measures, view of the future and authoritarian positioning and ethical issues. The results indicate that it is clear that crisis communication is largely dynamic and changes depending on the crisis stage the organization is currently in. The stakeholder group which the CEO letters are perceived to target during the most severe stage of the crisis is investors rather than customers and employees, which is made visible by the lack of communication in relation to the social consequences that covid-19 brought. Consistent with the publications during the various stages is that the organization magnifies its successes and reduces its setbacks by reminding of previous work and disclaims responsibility for the crisis itself and its management.