Air France shares slide amid CEO's resignation, continued strike action

08 May, 2018, 01:08 | Author: Pamela Mathis
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"Following the results of the staff consultation launched on 20 April 2018, Jean-Marc Janaillac, Chairman and CEO of Air France-KLM, has confirmed his decision to resign", an Air France statement read, Friday.

Intermittent strikes have hampered the airline since February. The estimated cost to the French economy so far has been around €220m.

Unions have been calling for a 5.1% 2018 increase, arguing that salaries have stagnated in recent years.

Air France is fell 10% on the stock market Monday after announcing Friday losses of 269 million euros during the first quarter of 2018.

A new strike Monday over wage demands, meanwhile, prompted the cancellation of about 15 percent of Air France flights worldwide.

The airline said: "Air France deplores the continuation of these strikes even though the period that opens does not allow to pursue any negotiation".

Details of affected flights can be found here.

The number of striking workers appears to be slightly declining as the airline enters its 14th day of walkouts this year, but the labour action has already cost the company more than 300 million euros (£260 million) in a matter of weeks.




Societe Generale analysts warned the weaker earnings performance could lead to a rift between Air France and its profitable Dutch partner, KLM.

The troubles at Air France continued to rumble on on Monday May 7th.

Mr Le Maire appealed "to the sense of responsibility of each of the air crew, ground staff, pilots who are asking for unjustified wage increases" but also warned that the French government should not be expected to backstop the company.

After a protracted financial slump, Air France-KLM profits climbed a year ago as it expanded its global alliances and launched a new budget airline.

France's finance minister, Bruno Le Maire, told CNN affiliate BFMTV on Sunday that the labor dispute "threatens the survival of Air France".

"I will not explain to the French that we will.absorb the losses of Air France while Air France does not make the necessary competitive efforts to be at the same level as its major European competitor".

Others, including the more moderate CFDT union, which had urged Air France to back management's pay proposal, warned that "dialogue was blocked" and said the SNPL was too inflexible.

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