Air France-KLM Names Transition Management

Air France names new leaders as airline looks to end costly turbulence

It additionally named Anne-Marie Couderc, an present board member with expertise in French politics and the journal publishing business, as non-executive chairwoman.

After the meeting, Air France-KLM said: "The decisions of the CDC will be taken collectively by its three members".

The group's profits have been drained by the French walkouts, with the first-quarter losses entirely due to Air France which lost 178 million euros compared to KLM's profits of 60 million euros.

"The members of the Air France-KLM Board of Directors wish to express their deep regret over the successive strikes affecting Air France customers in recent weeks and disrupting their travel plans", the board said.

Anne-Marie Couderc added: "The Board of Directors has complete faith in the ability of the management committee and the group executive committee to manage the group's activities during this transition period". "It is important that, throughout the group, we restore the good spirit, cohesion, and stability that we had in the early days of our partnership".

"Air France-KLM, Delta and Virgin Atlantic will now coordinate efforts to secure the appropriate regulatory approvals", the companies said.

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The board said the interim management structure would be in place "for the shortest-possible period" needed to appoint Janaillac's successor, without imposing a specific time limit.

Air France workers have taken part in 15 one-day strikes since February, with unions calling for a 5.1% 2018 pay increase to make up for the fact salaries have stagnated for several years. The group also includes the airlines of Transavia, HOP! and Joon.

Janaillac said he would resign if Air France staff voted against a pay offer tabled by the company. Janaillac, who had tied his own future at Air France-KLM to the consultation, said he would step down when a majority of staff rejected the plan.

In an indication that the board is able to maintain the road over the labour dispute at Air France, the assertion mentioned the French subsidiary's chief govt, Franck Terner, wouldn't have a mandate to take any selections that will jeopardize the expansion technique already accepted by the board.

Frédéric Gagey, who now seves as CFO at Air France-KLM, will become interim chairman of the Franco-Dutch group.

"These strikes will also have a negative impact on the group's financial results", the board said.

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