Economy

Air France-KLM names Cagey as interim CEO after Janaillac steps down

Air France-KLM names Cagey as interim CEO after Janaillac steps down”

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.

The management committee will make all decisions collectively.

Air France staff have staged a series of one-day strikes which the airline said have cost it EUR€400 million (USD$473.2 million).

Air France-KLM said CFO Frederic Gagey will take over as interim CEO after Jean-Marc Janaillac stepped down because of a labor relations crisis.

The three-member management committee - or Comité de Direction Collégiale (CDC) - consists of Air France-KLM chief financial officer Frédéric Gagey, who will serve as the Group's CEO; Air France CEO Franck Terner and KLM CEO Pieter Elbers, both serving as deputy Group CEOs.

Couderc, a lawyer by training and an Air France board member since 2016, is a onetime protegee of former French president Jacques Chirac who has spent her career between business and politics.

"Repeated crises, strikes, disputes and doubts have divided our group", he told a shareholders' meeting after officially stepping down Tuesday, saying the strikes had "dented customers' trust and the image" of Air France.

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

The Franco-Dutch group's board of directors said on May 15: "The board recognizes Jean-Marc Janaillac's courageous decision and sincerely hopes that it will open the way to the conditions for a transformation at Air France and fresh momentum for Air France-KLM".

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.

Tuesday's transfer is created to fill a spot left by the abrupt departure of chief govt Jean-Marc Janaillac after workers earlier this month rejected a pay proposal geared toward ending a sequence of strikes which have resulted in heavy losses.

"These strikes will also have a negative impact on the group's financial results", the board said. "For my part, I will pay particular attention to strengthening the group's cohesion throughout this period".



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