Air France shares in tailspin after CEO quits

07 May, 2018, 16:25 | Author: Sally Reid
  • United we stand Alex Ferguson transformed Manchester's Red Devils

Shares in Air France-KLM crashed as much as 14.5% on Monday after the group's CEO quit over a pay dispute and the French government said it would not intervene to help.

The warning follows the resignation of Air France CEO Jean-Marc Janailla on Friday, which signals the suspension of negotiations until new management is appointed.

Air France-KLM's board is set to announce an "interim governance solution" on May 15 following Janaillac's departure.

"I call on everyone to be responsible: crew, ground staff, and pilots who are asking for unjustified pay hikes", Mr Le Maire told the BFM news channel.

Shares in Air France fell 14% in early Monday trading, reacting to the latest events at the troubled airline.

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More than half of the staff at the French carrier who cast a ballot voted against the offer of a 7 percent salary increase over four years, prompting Janaillac to say he would resign. The firm had revenue of $7.34 billion during the quarter, compared to analysts' expectations of $8 billion. equities analysts predict that Air France-KLM will post 2.71 EPS for the current year. Strikes have already cost the company €300 million.

Back in 2015, protesters ripped the shirts off Air France executives after the company revealed plans to cut thousands of jobs. Delta Airlines and China Eastern both hold 9 percent of Air France-KLM.

Le Maire said French taxpayers won't bail the company out.

The Air France turmoil has coincided with other strike action in France where rail workers press on with rolling stoppages to protest President Emmanuel Macron's planned overhaul of SNCF, the state-run train operator.

Travellers should expect last minute delays and cancellations, Air France said, adding it will update its flight schedule for Tuesday later today.

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